What: The company is to slash rents for its retail tenants by around 30% as UK stores reopen after third lockdown.

Why is it important: Landlords have been forced to accept commercial reality in the past year as companies have renegotiated rent to more affordable levels.

Hammerson owns a raft of properties, including the Bullring in Birmingham, London’s Brent Cross, Reading’s The Oracle and Victoria Quarter in Leeds. The landlord has been working to collect as many rents as it could but also aimed to “share the pain” with retailers and said it will continue to support retailers post-reopening. That includes rent reductions, although it’s unknown if cuts will turn permanent.

The reset as far as rents are concerned makes sense if landlords want to ensure that they can collect as many of the rents they're owed as possible. The last year has seen multiple property owners admitting that they were unable to collect a large proportion of the rents due.

Hammerson cuts store rents by 30%