In light of a spate of high street retailers and restaurants collapsing or needing significant restructuring in order to stay afloat, property firm Colliers International has suggested that making some significant changes to UK retail leasing could be the solution.
Many notable companies have made considerable cutbacks in recent months, leading to a surplus of empty buildings on the high street.
Colliers International has come up with a plan that involves moving away from traditional long leases towards short, five-year contracts, and furthermore charging rent based on occupier turnover. The company hopes this radical proposal should remedy the somewhat bleak current outlook for the high street, and will help landlords and occupiers alike.
Colliers’ Dan Simms explains: “Retailers, landlords and investors face equal challenges, and the way forward has to be an equitable approach which respects the situations of both.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
