{"id":165954,"date":"2020-03-25T19:47:00","date_gmt":"2020-03-25T19:47:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/retail-rent-day-property-companies-lose-out-as-retailers-withhold-payments\/"},"modified":"2021-08-06T12:05:11","modified_gmt":"2021-08-06T12:05:11","slug":"retail-rent-day-property-companies-lose-out-as-retailers-withhold-payments","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/retail-rent-day-property-companies-lose-out-as-retailers-withhold-payments\/","title":{"rendered":"Retail rent day: property companies lose out as retailers withhold payments"},"content":{"rendered":"<p>Commercial property owners have<strong> warned they could struggle in the face of the coronavirus pandemic,<\/strong> after missing out on millions of pounds worth of rent payments due today as some retailers, including Primark, have withheld payments.<\/p>\n<p><!--more--><\/p>\n<p><strong>Quarterly rent bills were due to be paid by thousands of businesses today,<\/strong> but the <a href=\"https:\/\/www.theindustry.fashion\/government-adds-extra-protection-for-businesses-with-3-month-ban-on-evictions\/\">Government announced on Monday<\/a> that landlords would be unable to claim forfeiture or repossess properties for the next three months if rent is not paid.<\/p>\n<p>Some of the UK\u2019s biggest landowners, including <a href=\"https:\/\/www.theindustry.fashion\/grosvenor-britain-ireland-launches-support-package-for-retail-and-hospitality-tenants-in-west-end\/\">Grosvenor<\/a> and <a href=\"https:\/\/www.theindustry.fashion\/shaftesbury-offers-rent-deferrals-for-west-end-retailers\/\">Shaftesbury<\/a>, laid out plans to support under-pressure retailers, pubs and restaurants in response, while others remain locked in negotiations.<\/p>\n<p>Shopping centre owners and other property firms have warned ministers that they will face <strong>\u201cextreme challenges\u201d without support to replace lost rent.<\/strong><\/p>\n<p>Edward Cooke, chief executive of Revo, said talks were under way with the Government about <strong>what support can be made available to landlords,<\/strong> potentially in the form of loans or grants.<\/p>\n<p>He said: \u201cWe want these companies, which <strong>support thousands of jobs and invest billions in UK towns and cities<\/strong>, to survive, and most will with the right interventions.\u201d<\/p>\n<p>Some retailers, including Primark, have refused to pay their quarterly rent today while they wait for Government support to kick in. Others, including<strong> New Look, Superdry, H&amp;M, Monsoon Accessorize, Arcadia and Frasers Groups<\/strong> have requested rent holidays, deferrals and discounts.<\/p>\n<p>Primark has no e-commerce facility so the closure of its stores means it has no way to trade during the lockdown. The value fashion retailer wrote to landlords hoping to get a rent holiday on its 110 leasehold sites,<strong> which were due to pay \u00a333m in rent today,<\/strong> according to<em><a href=\"https:\/\/www.telegraph.co.uk\/business\/2020\/03\/25\/thousands-shops-will-never-reopen-outbreak-ends\/\"> The Daily Telegraph<\/a>.<\/em><\/p>\n<p>A spokesperson told the newspaper:\u00a0\"These are exceptionally difficult times and, like many retail businesses, <strong>we are looking closely at options to mitigate the significant impact of lost sales<\/strong> due to the Covid-19 outbreak.<\/p>\n<p>\"We are asking our landlords to support us by agreeing terms that will help offset some of the impact.\"<\/p>\n<p>Primark stands to lose \u00a3650m in sales for every month its stores are closed and <a href=\"https:\/\/www.theindustry.fashion\/primark-could-lose-its-number-one-spot-in-uk-fashion-retail-due-to-lack-of-e-commerce\/\">stands to lose its number one position in UK fashion retail<\/a> to either Marks &amp; Spencer or Next as a result of its inability to trade online at this time.<\/p>\n<p>Analysts have said that some property owners could <strong>default on their own loans if they fail to secure expected rent payments<\/strong>.<\/p>\n<p>Andy Pyle, UK head of real estate at KPMG, said: \u201cIf rental payments are to be missed, <strong>property companies will be under increased pressure to pay interest on their own loans<\/strong> and they may even default.<\/p>\n<p>\u201cThis will impact those invested in commercial property, some of whom may depend upon the regular income it provides.<\/p>\n<p>\u201cFar from just private or family wealth, <strong>these investors include those in receipt of pensions and savings,<\/strong> shareholders in REITS (real estate investment trusts) or beneficiaries of company and state pension schemes.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":137798,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[16042,10585,6],"tags":[19384,19383,10590,10411,9786,13111],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Retail rent day: property companies lose out as retailers withhold payments - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Commercial property owners have warned they could struggle in the face of the coronavirus pandemic, after missing out on millions of pounds worth of rent\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theindustry.fashion\/retail-rent-day-property-companies-lose-out-as-retailers-withhold-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retail rent day: property companies lose out as retailers withhold payments - TheIndustry.fashion\" \/>\n<meta property=\"og:description\" content=\"Commercial property owners have warned they could struggle in the face of the coronavirus pandemic, after missing out on millions of pounds worth of rent\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theindustry.fashion\/retail-rent-day-property-companies-lose-out-as-retailers-withhold-payments\/\" \/>\n<meta property=\"og:site_name\" content=\"TheIndustry.fashion\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/theindustryfashion\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-25T19:47:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-06T12:05:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2021\/07\/featureimage-copy-2-37.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"509\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lauretta Roberts\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:site\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lauretta Roberts\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theindustry.fashion\/retail-rent-day-property-companies-lose-out-as-retailers-withhold-payments\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/retail-rent-day-property-companies-lose-out-as-retailers-withhold-payments\/\"},\"author\":{\"name\":\"Lauretta Roberts\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/85b04a16eba8c6cd7a9534c5a4262b89\"},\"headline\":\"Retail rent day: property companies lose out as retailers withhold payments\",\"datePublished\":\"2020-03-25T19:47:00+00:00\",\"dateModified\":\"2021-08-06T12:05:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.theindustry.fashion\/retail-rent-day-property-companies-lose-out-as-retailers-withhold-payments\/\"},\"wordCount\":497,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"},\"keywords\":[\"Andy Pyle\",\"Edward Cooke\",\"KPMG\",\"Primark\",\"property\",\"Revo\"],\"articleSection\":{\"0\":\"COVID-19\",\"2\":\"Finance\",\"3\":\"News &amp; 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