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Rents 'may push retailers under' Rents 'may push retailers under'
(about 3 hours later)
More retail businesses could be under threat on Wednesday as quarterly rent bills become due, experts have warned.More retail businesses could be under threat on Wednesday as quarterly rent bills become due, experts have warned.
Retailers are struggling with falling sales during the recession and being forced to pay three months' rent up front could push some over the edge.Retailers are struggling with falling sales during the recession and being forced to pay three months' rent up front could push some over the edge.
The British Retail Consortium fears that some could go under and is calling for rents to be paid monthly instead.The British Retail Consortium fears that some could go under and is calling for rents to be paid monthly instead.
"This oppressive rents regime creates major cashflow difficulties for retailers," it said."This oppressive rents regime creates major cashflow difficulties for retailers," it said.
'Dismal Christmas''Dismal Christmas'
The consortium said this quarter's rent payments would be the toughest for 18 years.The consortium said this quarter's rent payments would be the toughest for 18 years.
"A dismal Christmas for many retailers and following the year's lowest spending months has meant the toughest quarter since the early 1990s," said the group's director general Stephen Robertson."A dismal Christmas for many retailers and following the year's lowest spending months has meant the toughest quarter since the early 1990s," said the group's director general Stephen Robertson.
"An unrealistic payments regime can only increase the pressure on hard-pressed retailers and the jobs they support," he added."An unrealistic payments regime can only increase the pressure on hard-pressed retailers and the jobs they support," he added.
Mr Robertson said that quarterly rents had "no place in the modern age of instant electronic money transfers".Mr Robertson said that quarterly rents had "no place in the modern age of instant electronic money transfers".
Some landlords have said they are flexible and are willing to spread payments and reduce service charges.Some landlords have said they are flexible and are willing to spread payments and reduce service charges.
'Open-minded''Open-minded'
The BBC's Emma Simpson said it was clear that, faced with their new rental bills, the next few weeks would be crucial for many retailers.
Alice Rose, who owns a fashion store in Fulham by the same name, told the BBC she was shutting her shop next week after five years in business.
Ms Rose, who faces a £6,000 quarterly rent bill, said: "It was impossible to know what will come next, and as we are at the moment, I just couldn't take the risk."
Frances Salway, chief executive of the country's biggest commercial property developer, Land Securities, said his firm was already offering monthly rental contracts.Frances Salway, chief executive of the country's biggest commercial property developer, Land Securities, said his firm was already offering monthly rental contracts.
John Richards, chief executive of Hammerson, another big developer, said: "Landlords are generally open-minded in discussions with their tenants on matters of affordability and short-term financial pressures."John Richards, chief executive of Hammerson, another big developer, said: "Landlords are generally open-minded in discussions with their tenants on matters of affordability and short-term financial pressures."
The importance attached to retailers' ability to pay their rent was highlighted on Tuesday, when shares in photography specialist Jessops jumped 85% after it announced it would be able to pay its rent.The importance attached to retailers' ability to pay their rent was highlighted on Tuesday, when shares in photography specialist Jessops jumped 85% after it announced it would be able to pay its rent.
Analysts are watching troubled JJB Sports particularly closely, as agreements to delay loan repayments also expire on Wednesday.Analysts are watching troubled JJB Sports particularly closely, as agreements to delay loan repayments also expire on Wednesday.