Retailers urge landlords to accept monthly rents

Commercial landlords have been urged by the British Retail Consortium (BRC) to accept monthly rents in advance.

The appeal came after Hermes, the pension fund manager, said that it will substitute "monthly in advance terms for the traditional quarterly terms".

According to the BRC, the quarterly method of gaining rents is an outdated one that is having a negative impact on many retailers.

Director general at the BRC Stephen Robertson argued: "A number of retailers have gone to the wall this year. Others are clearly struggling. Most are battling a range of rising costs in order to keep shop prices and overall inflation down."

He added that the move by Hermes proves there should be more flexibility by landlords in this area.

If they offer this "regime" to retailers, then landlords will be contributing to the prosperity of the industry themselves, Robertson said.

Last month, he asked the British Property Federation's chief executive Liz Peace to hold a summit between both parties.

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