Retailers struggling to pay rent, research says

rent
// Retailers struggling to pay rent on time, Re-Leased finds
// 11% of rent due from retailers was paid by Wednesday’s quarter rent day
// That figure compares with 14% collected on the previous quarter rent day in June

New research has found that fewer retailers are paying their rent on time than at the height of the pandemic last year.

A total of 11 per cent of rent due from retailers was paid by Wednesday’s quarter rent day, according to data from Re-Leased.

That figure compares with 14 per cent collected on the previous quarter rent day in June.


READ MORE: 50 shops a day closed in first half of 2021


Last September, landlords received 13 per cent of rent owed on time.

Before the pandemic, landlords received about 30 per cent of their rent by the appointed day.

“Despite the lifting of all coronavirus restrictions, businesses are still struggling, and the weight of 18 months of turbulence cannot be underestimated,” Re-Leased chief executive, Tom Wallace said.

“With the furlough scheme coming to an end but the moratorium on evictions still in place, occupiers may be looking at how they can balance the books, and withholding rent could be the answer.

“Many will be making tough decisions, and staff wages will be prioritised to keep businesses open.”

In terms of regions, London-based tenants are struggling the most, with only 10 per cent of businesses in the capital paying on time. By contrast, 29 per cent of tenants in the Yorkshire and Humber region have paid up.

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