Savile Row tailors seek rent cuts due to COVID-19
Tailors on London’s Savile Row have joined the growing number of high street businesses calling for rent cuts from their landlords, as COVID-19's impact on West End traders becomes clear.
A number of the world famous tailors are seeking to cut rents or introduce greater flexibility on payments as concerns grow over their economic difficulties, Property Week reports.
Savile Row is a key destination for affluent shoppers visiting London, with its status as the home of tailoring making it an important part of the West End culture of London.
Savile Row’s main landlord, The Pollen Estate, has already been looking at a mixture of rent-free periods and rent deferments for when businesses reopen, in order to reduce the impact on finances.
The landlords stated that their main goal was to ensure all of its stakeholders, including tailors, restaurants, cafés and office occupiers that are struggling, make it through the crisis.
Savile Row Bespoke Association Chairman, and Dege & Skinner Managing Director, William Skinner, said Savile Row’s bespoke retailers feel that the rents are already “very high”.
“We’ll be talking to our landlord about a readjustment in our levels of rent."
Skinner added that his firm’s landlord has been sympathetic: “A lot of us who are in Savile Row actually share the same landlord, who has been very generous so far and certainly very flexible on the March quarter.” he said.