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Jones Lang LaSalle recently estimated that 50% of retail leases are to expire by 2015. Retailers will be able to pick and choose whether they want to stay or go and, in a market with high vacancies, will be able to demand extremely favourable terms from their landlords. Landlords may then have little choice but to concede to the demands or face a vacant unit. However there are those who are suggesting that the future for the High Street does not necessarily lie in retail. With a huge increase in online shopping the call is for shopping areas with an experience, catering for cafes, events and for things you cannot or prefer not to do online or even conversion to residential use. If vacancies are to increase landlords may be faced with little alternative but to look for a non-retail use. The question is, following the Mary Portas’ review, how will the government help?
The last two weeks have seen yet another flurry of announcements regarding big high street names including Thomas Cook, Argos, Karen Millen and Coast.
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As part of the continued tightening of the restrictions on drone use within UK airspace, the latest amendments to the Air Navigation Order 2016 come into force on 30 November 2019.
H&M is the latest retailer to confront its landlords about this ‘two tier retail market’ in an attempt to explore and negotiate more favourable terms.
Ann Summers is the latest retailer to have entered into new voluntary deals with the majority of their landlords, rather than using the CVA process.
Legal Director
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