Retailers join forces in rent argument
Some of the country’s biggest retailers plan to join forces and reduce their rent payments to landlords by at least 25 per cent, writes Susan Mitchell.
Retailers plan to confront landlords with a demand for significantly reduced rents in shopping centres and retail parks. It is understood that they plan to proceed with the cut with or without the agreement of landlords.
A number of landlords, particularly institutions, have rejected lobbying by retailers for rent reductions amid the dramatic slump in retail sales.
After months of falling sales, many retailers claim they do not have the cash to pay rents at...
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