'Closed due to Covid-19 restrictions' sign

Industry slams £4.6bn retail and hospitality relief package

Industry bodies have dismissed the Treasury’s £4.6bn relief package for retail and hospitality businesses as nothing more than a “sticking plaster”. The package, which was unveiled after the government placed England into a third national lockdown, has been criticised for failing to address long-term issues such as rent and business rates. The biggest chunk of the package is a £4bn fund to support an estimated 600,000 retail and hospitality business sites on a “per-property basis”. The one-off top-ups will be granted to closed businesses, with £4,000 for those with a…

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The Darwin Shopping Centre, Shrewsbury

UK retail: turnover-based rents are “way of the future”

Turnover-based rents in the retail and leisure sector are not new. But judging by media coverage in recent weeks, suddenly they seem to be everyone’s favourite route forward for the post-coronavirus world. We’ve used turnover-based rents at London Designer Outlet, the capital’s leading fashion and lifestyle outlet centre, since we opened almost seven years ago. The benefits are so strong that this is also Quintain’s go-to lease for retail and leisure at its £3bn, 85-acre Wembley Park. I’ve read the criticism from landlords who say: ‘We have our own business…

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Borough Market, London. Photo by Joe Stubbs on Unsplash

Property industry renews call for rent support scheme to help prevent CVAs

Prior to Rishi Sunak’s mini-Budget, the British Property Federation (BPF), Revo, the British Retail Consortium (BRC) and UKHospitality called on the government to introduce a Furloughed Space Grant Scheme, based on a similar scheme in Denmark. The initial proposal was revised after the government indicated the scheme was too expensive, with the cost more equally shared between government, tenant and landlord. But the chancellor opted to back VAT cuts and Eat Out to Help Out in an attempt to support the retail, leisure and hospitality sectors instead. Industry leaders said…

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