The British Retail Consortium has warned landlords that they must change rent leases to monthly payment, on the same day it is anticipated several retailers will be forced into administration today due to inability to pay.
Thousands of retailers will today have to pay hundreds of millions of pounds in rent, despite the country being gripped by the global recession and firms reporting their worse trading results since records began.
The BRC has warned that this has been exacerbated by the fact that the first few months of the year also see the lowest levels of consumer spending – even during boom years.
""A thriving retail sector is essential for the health of landlords and the wider UK economy," warned BRC director-general Stephen Robertson.
"Boarded up shops are becoming commonplace. An unrealistic payments regime can only increase the pressure on hard-pressed retailers and the jobs they support."
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