With continued economic uncertainty with the Euro zone crisis and the constant media driven frenzy it comes as no surprise that various big name retailers continue to ask for rent concessions.
Paul Stewart, Deputy Managing Director of Goadsby Commercial highlights “In a week when Clinton Cards have asked landlords to accept monthly payments, Sports Direct have followed suit, and La Senza called in KPMG to advise on administration, the retail market continues to suffer”.
“Landlords should seek professional advice should a commercial tenant write in proposing a change to the payment cycle. Commercial leases can be cumbersome, however, a professional adviser should also take a commercial view and advise their landlord/client to look at the bigger picture. With a depressed economy, limited alternative occupiers, means an open minded approach is required in order to maintain tenant occupation”.
“Goadsby’s multi disciplined practice is well placed to advise through their Property Management team, as they consult with relevant market Estate Agents, who can advise on the alternative occupiers for the premises”.