The reopening of thousands of stores, combined with May’s 12% rebound in sales, has provided some respite for Britain’s’s battered retailers, but the high street crisis is far from over – not least because a monster £2.5bn quarterly rent bill falls due this week.
Shop landlords traditionally collect rent in four equal chunks spread throughout the year, and Midsummer Day on Wednesday is the next so-called “quarter day”. The last one, in March, was a red-letter day for all the wrong reasons, with Primark and JD Sports among the big names that didn’t pay their rent as the country went into lockdown.
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