BPF unveils cost-cutting plan
Apr 08 2009
Some of the UK's biggest landlords have agreed to reduce costs for retailers, the British Property Federation (BPF) reveals.
Members of the organisation laid out a ten-point plan to drive down occupation costs for retailers in the UK's shopping centres and established a framework to identify potential savings.
Following on from a successful pilot project, the initiative examines cost-efficiency issues such as engagement with retailers, operating hours, security, waste management, energy use and procurement of services to reduce charges applied to shopping centre tenants.
The trial period involved four shopping centres and resulted in projected savings of between ten and 20 per cent for retailers.
Chief executive of the BPF Liz Peace comments: 'This is evidence that a real difference can be made when landlords work together with their tenants.'
Landlords taking part in the scheme include Land Securities, Capital Shopping Centres, Westfield and Legal & General.
The British Retailer Consortium last month called on the government and landlords to help UK shops, suggesting reductions in rent to meet market realities, a freeze on business rates and the restoration of empty property rate relief.
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