In the book we devote a chapter on the Landlord and Tenant Act and why legislation is needed to correct the rental ‘straight jacket’ that retailers, large and small, find themselves in.
The book calls for radical reform of the Act in order to force landlords to allow in to their retail spaces, shopkeepers who can ‘only afford so much’ but who at least will contribute to keeping shopping communities alive.
Interestingly in the second half of 2019 some landlords began, nationwide, to read the ‘tea leaves’ and began to drop rents so as to allow new retailers to occupy their spaces.
This action by some landlords really threw the spotlight back on business rates ( payable) because business rates, under present legislation, have no annual locking percentage relationship to the rent being paid. They should have.
This is why many retailers today, who have convinced landlords that they can ‘only pay so much’ now find that their business rates far exceed the rent they pay.
The whole system is a mess and if it is not reformed by this government it will result in thousands of lost jobs and ever more vacant high streets.
The tragedy is that we have thousands of new businesses that are more than eager to open up but are prevented from doing so by our outdated and ‘unfit for purpose’ retail occupancy laws.