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Shopping centre landlords looking to cut costs

In a move which is sure to benefit the general retail sector it has been announced that a number of shopping centre landlords across the UK are looking to reduce their own costs and pass on any potential savings to hard-hit tenants. Land Securities is one prominent shopping centre landlord that has indicated a willingness to reduce service charges by up to 20% and pass on the vast majority of these savings to retailers in their centres.

If as expected this move is replicated across the UK, with other shopping centre landlords, then we could see a significant reduction in the number of retailers falling into administration. Many retailers are stuck between a rock and a hard place with sales falling and landlords looking for their money as soon as possible. There has been something of a battle of wills over the last few months but thankfully it looks as though peace has broken out in the short to medium term.

At the end of the day, a tenant in administration is no good to a shopping centre landlord and charges which cripple their business and are good to retailers. This will only be a short to medium-term solution until the UK economy is back on its feet.

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