UK retailers warn government coronavirus aid not enough to prevent ‘imminent collapse’
UK retailers have warned that its financial aid package for businesses during the coronavirus crisis will not prevent the “imminent collapse” of many firms.
In a letter to the chancellor Rishi Sunak and small business minister Paul Scully, the British Retail Consortium said the crisis “facing parts of the retail sector…must be addressed urgently ahead of the June quarter [rent] day”.
The letter, which called for an urgent meeting with ministers, said that many UK retailers are at imminent risk of collapse due to the coronavirus lockdown and called for further action on property costs.
The British Property Federation and Revo, which represents the retail property sector, also signed the letter.
The Prime Minister yesterday announced that some shops could reopen by 1 June at the earliest, with social distancing measures in place.
Revo chief executive Vivianne King said: “Retailers deemed non-essential have endured two months with almost no turnover from trading, which in turn has placed huge financial pressure on property owners and their lenders.
“With June Quarter Rent Day fast approaching there is a real urgency for all constituents to work together to determine how shops can re-open and trade safely without prejudicing public health.”
New West End Company chief executive Jace Tyrell said: “We’ve been working hard with our businesses, the police, Westminster City Council and London authorities on plans to ensure colleagues and customers can return safely as lockdown restrictions gradually lift.
“Ahead of the return of international travellers, Londoners have the opportunity to rediscover their local high streets and to embrace travelling, shopping and working in different ways.”