Home / Knowledge / News / Textiles / Revision of retail rents and contracts is vital: UKFT Rise

Revision of retail rents and contracts is vital: UKFT Rise

29
May '20
Pic: Shutterstock
Pic: Shutterstock
The revision of retail rents and contracts is important after the COVID-19 pandemic, according to Patrick Dudley-Williams, the chairman of UKFT Rise, a community of early-stage fashion and textile businesses looking to build a network of supportive like-minded people. He is also founder and creative director of men’s lifestyle brand Reef Knots.

“Before the closure, footfall across high streets had been drying up and despite the announcement that non-essential retail shops will be able to reopen on 15 June, we currently have no plans to open the shutters. Social distancing requirements and a lack of footfall from City workers mean that we will likely remain closed until at least the autumn. Many small fashion businesses will be in the same position at a time when physical retail was already very tough,” Williams said in a UKFT press release.

Speaking about how businesses should tackle rental issues with landlords, William said, “Before you speak to anyone, make sure you are clear what it is you are trying to achieve and why you need it. This will make for a far more coherent argument when you speak to landlords. Everyone is going to take a hit, so work out a position that you can live with that shares the burden with all involved. Firstly, talk to your landlord immediately and explain the situation. They will already likely be talking to multiple tenants. They don’t want empty units and many landlords are giving rent holidays to tenants as they realise there will not be a queue of new occupiers if they let them fail.”

“Since our tenants formed a single tenant’s association, we have been speaking to our landlord with one unified voice. This allows us to hold far greater weight in any negotiation as the downside to the landlord is greater if we do not agree. We have set up a Twitter page and attracted press attention from the Evening Standard and the BBC News,” he added.

Discussing about access grants and furlough staff, William said, “Make sure you have applied for any grants that you are entitled to. These include £10,000 and £25,000 grants for retail businesses with a rateable values up to £15,000 and £51,000 respectively. The government furlough scheme is also there to help with staff costs while you are closed.”

“It is important to state that landlords and tenants both find themselves in a tricky situation that nobody asked for. The ability of landlords to help will depend on many factors such as their size, cash position and mortgage commitments. Clear and open discussion is the key to managing your way through this process and you must be prepared for the fact that they may not want to help,” he said.

Fibre2Fashion News Desk (GK)


Must ReadView All

Pic: UNFCCC / Alyssa Strohmann / Unsplash

Fashion | On 17th Jun 2021

Over 70% UN Fashion Charter signatories submit disclosures in 2020

For the 2020 reporting cycle, over 70 per cent of signatories to the...

Pic: Shutterstock

Apparel/Garments | On 17th Jun 2021

Prime Content| Bangladesh apparel exports jump 11.1% in July-May FY21

Readymade garment (RMG) exports from Bangladesh increased by 11.1 per ...

Pic: Bierrebi

Textiles | On 17th Jun 2021

India emerging as main hub for manufacturing in Asia: Bierrebi

The size of the machinery market in India is vast and it enjoys...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Increased need for online fitting solutions as retailers shift to...

Textile Industry, Head honchos

Textile Industry
Head honchos

Fabric selection & recommendation based on client's brief

Textile Industry, Head honchos

Textile Industry
Head honchos

Great step towards realising end goal of 'AtmaNirbhar Bharat'

Emmi Berlin,

Emmi Berlin

With the support of the first investors - Finland's Technical Research...

Gus Bartholomew,

Gus Bartholomew

<b>Gus Bartholomew</b>, co-founder of SupplyCompass, explains to <b>Subir...

Ritu Oberoi,

Ritu Oberoi

Established in 2018, Forsarees is a socially driven business enterprise,...

Karan Bose, Hula Global

Karan Bose
Hula Global

Hula Global, a leading isolation gown manufacturer in India, has been...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Seth Casden, Hologenix

Seth Casden
Hologenix

Hologenix is a material sciences company dedicated to developing products...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search