Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

British Retail Consortium urges landlords to follow Hermes' lead

The British Retail Consortium is calling on landlords to re-negotiate existing leases after landlord Hermes agreed to offer its tenants the chance to pay their rents monthly in advance.

Today, on quarter day, the BRC is calling on all commercial landlords to follow suit, as retailers insist that quarterly payments place added financial burden on cash flow and that landlords need to be more flexible in the troubled economic climate.

BRC director general Stephen Robertson said: "The dam has burst. Hermes' move shows there is no principled or practical reason why landlords cannot offer this flexibility. As many retailers are confronted with next quarter's huge up-front rent bills, Hermes announcement is a significant step forward for our campaign. A number of retailers have gone into administration this year. Others are clearly struggling. I urge all landlords to follow Hermes' example."

Last week, pension fund manager and landlord Hermes, proposed the possibility of paying monthly rents in exchange for payments to compensate for the cost of moving from quarterly to monthly arrangements.

The move follows the on-going campaign led by Arcadia boss Sir Philip Green and Carpetright founder Lord Harris for more flexible leases for retailers.




Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.