×
208
Fashion Jobs
PUMA
Manager- Ecommerce Operations
Permanent · Bengaluru
PUMA
Warehouse Manager-D2C
Permanent · Bengaluru
PUMA
Digital Marketing Manager
Permanent · Bengaluru
EXPLODE SERVICES
Quality Assurance Manager Home Furnishing Garments For Noida
Permanent · Noida
EXPLODE SERVICES
Manager ie Garment Exports
Permanent · Noida
THE BANYAN HR CONSULTS
Merchandising Manager For a Seamless Garments Textile co at Coimbatore
Permanent · Coimbatore
OPERA CLOTHING PRIVATE LIMITED
Production Manager For Garment Manufacturing Factory
Permanent · Vapi
GOKALDAS EXPORTS LTD
sr. Manager - Technical - Garments Industry Background
Permanent · Bengaluru
NIKE
Lead Technical Product Manager, ed&a – Apla
Permanent · Bengaluru
NIKE
Senior Security Incident Responder – Cis
Permanent · Bengaluru
FAABIIANA
Executive For Online Product & Order Management
Permanent · NEW DELHI
FAABIIANA
Customer Sales Executive (Female)
Permanent · NEW DELHI
NIKE
Senior Technical Product Manager, Inventory & Order – Apla
Permanent · Bengaluru
NIKE
Senior Technical Product Manager, Finance – Apla
Permanent · Bengaluru
NIKE
Senior Technical Product Manager, Core Erp – Apla
Permanent · Bengaluru
OMREELS BIOSCOPE PVT LTD
Senior Executive Ecommerce
Permanent · MUMBAI
NIKE
Senior Technical Program Manager, Marketing Tech – Dtpo
Permanent · Bengaluru
NIKE
Service Delivery Manager, Operations Center – Tech Ops
Permanent · Bengaluru
NIKE
Director, Security Solutions & Delivery – Cis
Permanent · Bengaluru
NIKE
HR Manager - Nike India Technology Centre
Permanent · Bengaluru
NIKE
Financial Controller - India
Permanent · Bengaluru
NIKE
Software Engineering Manager, Finance & Procurement Technology – cf&c
Permanent · Bengaluru
By
Reuters
Published
Apr 6, 2009
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

UK landlords agree retail cost-saving scheme

By
Reuters
Published
Apr 6, 2009

LONDON, April 6 (Reuters) - The British Property Federation (BPF) said some of its landlord members had agreed a plan to help retailers cut costs and meet quarterly rent payments after complaints the existing system was causing cash-flow problems.



The BPF said a recent pilot scheme at four shopping centres had tested ways to find savings through measures such as deferring maintenance work and identifying changes to retailers' service requirements.

The pilots, in which Next (NXT.L), New Look and Britain's two largest real estate firms Land Securities (LAND.L) and British Land (BLND.L) participated, achieved projected savings of between 10 and 20 percent, the BPF said.

The landlords have agreed to focus on 10 areas of expenditure such as waste management and security at their centres to help reduce retailer service charges and make it easier for them to meet rental payments on time.

News of the plan follows a period of intense lobbying from retail entrepreneurs such as Arcadia's Philip Green, who claim the existing regime, which demands rental payments three months in advance, places unfair financial pressure on retailers in a tough economic climate.

A slowdown in consumer spending and a shortage of credit has driven several UK retail chains, including Woolworths and Zavvi out of business in recent months, and a study by insolvency practitioners Begbies Traynor said the inflexible rent system could trigger further failures in the second quarter of 2009.

"We are obviously keen to help our tenants survive and are prepared to work with them to improve efficiency, cut costs and do whatever we can to make sure that both sides of the business can get through these challenging times," BPF Chief Executive Liz Peace said in a statement.

Other landlords who have endorsed the plan include Legal & General (LGEN.L), Liberty International (LII.L) subsidiary Capital Shopping Centres, Capital & Regional (CAL.L), Prupim, the property arm of UK insurer Prudential (PRU.L) and Australia's Westfield WDC.AX.

Land Securities' head of retail Richard Akers said the plan could be applied to "almost any shopping centre" to help identify potential savings for struggling retailers.

"We all know the retail market is difficult and, as major landlords, it is a win-win situation if we can help to strengthen the position of our retailers," he said.

By 0825 GMT, shares in Land Securities had climbed 7.7 percent to 520 pence, while British Land had gained 6.6 percent to 437 pence. (Reporting by Rhys Jones and Sinead Cruise, editing by Will Waterman) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)

© Thomson Reuters 2022 All rights reserved.