Retailers set rent reform meet

Sir Philip Green is expected to attend a rent review summit next month

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Retail industry heavyweights including Sir Philip Green and Carpertright's Lord Harris are set to meet landlords next month to hammer our demands for wide-ranging rent reform.

According to The Financial Times, the tycoons have scheduled a summit where they will discuss retailer's calls for monthly rather than quarterly rent terms.

The retailers are also gunning for lower service charges and a review of the way leases are structured.

Lord Harris said: "[Sir] Philip Green and I, we are going to talk to some people. We've practically got every [big retailer on board]. We're going to meet in the next four weeks with some of the landlords."

Harris continued, "Rent is not the only thing. We want to talk to landlords about rent reviews. We want to talk about 10 year leases like we get in Europe. We want to talk about service charges."

According to The Independent The British Retail Consortium has urged landlords to offer retailer monthly rates in a letter to the British Property Federation chief executive Liz Peace this week.

In the letter, BRC director general Stephen Robertson said: "I believe that monthly rents should not be offered solely to retailers as a result of their financial position, but as a standard practice where this fits with an occupier's business practices."