Retail landlords face an era of lower rent
The troubled Oroton business struggles to come out of administration. The potential buyer, Will Vicars, has been having difficulties in getting landlords to agree to lower rents and two stores have already closed. The landlords seem to be oblivious to what’s coming their way – the era of lower rent. More and more retailers are prepared to walk out if they cannot be given a rent relief. The dynamics for brick and mortar stores has changed and unless landlords understand this, they will soon have a lot of vacant stores.