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Retail leasing – an evolving sector
The world of retail continues to change. Traditionally, a town centre consisted of a main thoroughfare with some large, well-known brands being the focal point, interspersed with smaller retailers. Over the years, the cost of being on the High Street increased. Many large retailers moved to out of town shopping centres, sometimes incentivised to be there as anchor tenants by landlords who were keen to attract the public by having a popular retailer on site.
However, even that model has been put under pressure by the internet and the ease with which retailers can supply customers with goods and services on a nationwide, overnight basis. We were recently instructed by a logistics company who took a lease of a 30,000 square foot distribution centre in Essex. The crucial feature of that transaction was exactly how our Client moved from its existing hub to the new centre overnight without disrupting its network.
“Richard Bowater has become indispensable to me and the companies I have worked with over the last decade. After using a number of solicitors, it was a real pleasure and relief to at last find one who is on our wavelength and makes legal work a lot less stressful. Richard has always reacted to, and completed, our assignments promptly, ensuring our best interests are served and that there are no hidden costs or clauses waiting to surprise us in the future.
Richard helped me and my accountancy practice purchase our first commercial property, as well as sorting out a 10 years lease on a 30,000 square foot warehouse for my logistics company. Currently, he is arranging the transfer of another commercial property. I will continue to recommend Richard to others.”
Dieter Parish FCCA
A retail revival
Despite this change there is still a demand for town centre retailers. We are seeing landlords, faced with empty premises and punitive rates to pay, being prepared to agree flexible terms with willing tenants. As a result, while the sector continues to face challenges, in some areas retail is experiencing a modest revival.
Inevitably, the sector will continue to evolve and the Commercial Property Team at BLB Solicitors is well prepared for that further diversification.
As a team, we have a reputation for our commercial awareness and knowledge of the very particular needs and requirements of our retailer clients. These typically include the imperative of opening for trade at the earliest opportunity and avoiding interruptions during peak trading periods such as the run up to Christmas.
While we are always keen to encourage a sensible and proactive relationship with the other party, in reality disputes do occasionally occur. Should that happen, we have a dedicated property disputes team who can provide prompt and pragmatic advice and action.
Transparency on Commercial Property Legal Costs – find out more.