With all non-essential retail stores shut, struggling landlords have found retail occupants unwilling or unable to pay quarterly rents. Will the coronavirus lockdown change retail rents forever?
On March 25, retailers’ quarterly rent was due and the timing couldn’t have been worse – for both occupants and landlords.
Less than 48 hours before, in a televised address to the nation, prime minister Boris Johnson had ordered the nation into lockdown to try and stop the spread of the coronavirus and lessen the load on the NHS.
As part of these measures, Johnson ordered that all non-essential retailers close their stores and people were advised not to leave their homes unless for exercise once a day or to buy essentials goods, such as food.
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