UK retail task force to suggest ways to rejuvenate high street
30 Oct 2012
Senior retail figures are expected to join a new industry taskforce in a bid to attract shoppers and save the UK's high street.
The industry-wide group, the Distressed Retail Property Taskforce, owes its existence to Mary Portas' high street review and was aimed to determine the extent to which ''property indebtedness'' was a barrier to growth.
Mary Portas, is an English businesswoman, retail expert, and broadcaster. She is best-known for her retail and business related television shows, and has been recently appointed by the British prime minister to lead a review into the future of Britain's high streets
In many cases, the debts that shop landlords incurred when they purchased shops or shopping centres was much higher than the current price of the property, which made landlords reluctant to invest. However, they would also not sell and write off their debts, rather they were forced to push up rents to meet debt repayments.
The British Council of Shopping Centres, the British Retail Consortium and the Property Bankers Forum have joined as new members of the taskforce, alongside representatives from taxpayer-backed Lloyds Bank and the Royal Bank of Scotland.
After spending around six months gathering evidence on the scale of the problem around debt, the consortium would suggest solutions.
