When it comes to shopping it’s a thing I would contemplate including on my CV as a pastime. I love it whether it be online, on the high street you name it. There’s nothing better than wondering round one of the big department stores on your day off no kids bothering you no disgruntled partner just a coffee, my phone and my purse.
I fear that this will soon be a thing of the past as major retailers Debenhams now assures investors over claims of store closures. Tight budgets, no spare cash, online shopping cheaper alternatives, and general decline on the high street have all been blamed for the downturn.
Of course most people were saddened when they heard House of Fraser went into administration earlier in the year and the mass job losses. There is also a huge knock on effect for the landlords of the vast commercial property spaces these once high street greats occupied. These types of commercial spaces are so big and dilapidated they are just left grey and neglected and worst of all for the landlords vacant.
This in turn has a huge knock on effect for all surrounding locals businesses and the smaller landlords with smaller premises surrounding these large vacant premises. It forces rent down and landlords are forced to accept grossly unfavourable terms with tenants just so their property is not left vacant too.
Therefore some would say it’s a Tenants market, but I beg to differ, even if you manage to negotiate low rates and favourable terms with desperate landlords it’s still a big gamble for a new business and could prove costly, disastrous in some cases. A carefully negotiated deal needs well documenting with a clear documented get out clause.
Here’s hoping that it’s all speculation and minimum store closures certainly for the likes of Debenhams who are now battling with mass business rates amongst other increases in operations costs and that they won’t be the next victim.