Poole is a large coastal town and seaport in Dorset, in South West England and houses hundreds of shops. The town is a resort with major attractions with its large natural harbour, the Lighthouse Arts Centre and the Blue Flag beaches. Asset Management Firm Legal & General Investment Management, which owns GBP 3.50 billion worth assets has offered a 2 year reprieve for it’s tenants to resusticate their business.
New York Times reported that 10 businesses will benefit from the benevolence of the landlord, which may send a very positive trend across the market.
With e-commerce gaining significance across the UK over the past 10 years, high street retail is slowly fading with offline customers. The pandemic led lockdown made it only worse throwing away 100s of business out of trade.
In 2020, the Asset Management firm introduced new tenancy models such as a 3-month lease, revenue share on Sales (rent based earnings), among others. Many landlords, Mall chains as well as individuals across the world may take lessons from this use case.
