Leading British retailers have joined forces to call for an overhaul of rental payment conditions as the high street slowdown intensifies.
The retailers, understood to pay a combined annual rental bill of about £2bn, are expected to say they will only pay rent in advance every month, rejecting the current system of quarterly rental payments made in advance.
Pensions funds including Legal & General are also among the landlords likely to resist the demands.
The quarterly rental bills have a significant impact on retailers’ cash flow and have increasingly become a point of contention as the credit crisis has spilled into the wider economy.
Sunday Telegraph, Financial Times