New wave of retail closures "imminent" |
| Industry News | |
| Wednesday, 01 July 2009 | |
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A fresh wave of retail closures is likely to hit the UK shortly, claims vacant property expert Safe Estates. The company, which secures tens of thousands of vacant commercial properties across the UK, believes that the next wave of closures will take place shortly after 1 July 2009 - the next quarter day. Quarter days are the traditional days in English law when rent payments become due. Modern quarter days in English leases are 1 January, 1 April, 1 July and 1 October. Some 85% of retailers in the UK currently rent their shop space. David Thomas, director of Safe Estates, said: "Up to 65% of retail closures occur close to quarter days. "The best way to ensure a property is protected is for it to be occupied, so increasingly budget retailers - which are currently thriving - are being courted for sites which normally would not have been available to them."
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