Some of Britain’s biggest landlords have agreed a plan to cut costs by up to 20% and pass these savings on to retailers in the latest move to ease the beleaguered high street’s burden from property costs.
The British Property Federation said some of its biggest landlord members had agreed a 10-point plan to become more efficient in the provision of miscellaneous services and to pass these savings on to retailers in the form of lower charges.
Sir Philip Green, who last year led calls for a reform of the system of quarterly rent bills, welcomed the move. 'Where costs can be reduced, it is going to be beneficial to both the retailers and the landlords.'
The British Property Federation said a pilot project at four shopping centres looked at ways to generate savings through a range of measures from temporary initiatives to improving processes and landlords and retailers identifying changes to services requirements. The result was projected savings of 10-20% at the centres.
Financial Times, Daily Telegraph