Britain’s struggling High Street shops have been thrown a lifeline by a new way of reducing crippling rents.
A retail champion is saving companies around 50% a year in charges so they can carry on trading and landlords don’t have to board up stores.
Financial experts believe the shopping landscape could be obliterated as rising rent reviews and poor sales force shop-owners to hand back the keys.
But an organization is rescuing firms from the brink by negotiating new rent deals that give hope for landlords and the shops that are vital to national recovery.
“Everyone knew there was a lot of pain out there on the High Street but up until last year there wasn’t much blood. Now it is starting to flow,” said David Abramson, Managing Director of Rent Reform Ltd.
“Up to half of all shop rents are overpriced because they are held in long-term leases with upward-only reviews which make no allowance for the challenging...