It is the Shepherd’s Bush Market Tenant’s Association’s view that the landlord and their managing agent of Shepherd’s Bush Market should assist the market traders through the COVID 19 Crisis. Subsequently, the Shepherd’s Bush Market Tenant’s Association’s (SBMTA) has requested for the landlord to issue a rent suspension for the first quarter of the financial year (25th March - 25th June) and second quarter (25th June – 25th September), followed by rent reductions for the third quarter, for all of the market businesses.
 
The SBMTA thanks the landlord, ‘Orion Shepherd’s Bush Market Ltd. / U+I Group Plc.’ for issuing a rent deferral for the first and second quarter, however, a rent deferral is only a postponement of the rent payment, and the SBMTA shares the view which is eloquently expressed by Councillor Natalie Perez of the Hammersmith & Fulham Council, in her letter to U+I Group Plc. dated 2nd April 2020, reading: -
“I would urge you please consider a rent suspension for all traders instead of a rent deferral. In the current Coronavirus/Covid-19 Crisis a rent suspension will potentially make a great difference between the survival of businesses rather than bankruptcy. I am concerned that a deferral just defers the problem to a later date. Our very valued traders and their business could be forced to shut for good if their rent was only deferred until after a later date rather than suspending it”.
 
The Shepherd’s Bush Market businesses have begun to cautiously reopen since the 15th of June 2020, embracing Covid19 safeguards, however, the Market is quiet and the level of trade within Shepherd’s Bush Market is currently exceedingly poor. It cannot be overlooked that many of these market businesses work on very tight profit margins, trading in low-profit goods and products, and therefore there is the requirement for these Market tenants to achieve a high turnover in order to reap small profits.
 
Help is required. It should not be forgotten that the businesses in Shepherd’s Bush Market are long-standing tenants, which have been loyal clients of the landlord for generations. When one considers how many years these businesses have been reliably paying rent, it is quickly appreciated that a rent suspension for both the first and second quarters followed by a rent discount in the third quarter is a very modest and sensible request in order to maintain the livelihoods of Shepherd’s Bush Market businesses.
 
Since the Market changed stewardship from ‘Transport For London’ to ‘Orion Shepherd’s Bush Market Ltd.’ in February 2014, the tenancies within Shepherd’s Bush Market have fallen to all-time lows. Very little capital expenditure has been invested in maintaining the condition of the market over the past six years. Much stress and uncertainty has been suffered by the market businesses.  And the landlord’s actions raises the question of their intentions for the 106-year-old Market.

If the landlord wishes to avoid further loss of tenancies, then it is essential that U+I Group Plc. demonstrate smart business acumen, whilst reducing rents level, and assisting the market businesses in the short to mid-term to ensure the long-term future of Shepherd’s Bush Market.
 

For further recent news regarding Shepherd's Bush Market please follow the link: - 

https://www.mylondon.news/news/west-london-news/hard-pressed-shepherds-bush-market-18610755

The Shepherd’s Bush Market Tenants’ Association (SBMTA)