Zara property arm accused of bullying retailers for rent
The property arm of the Spanish billionaire founder of Zara has been accused of using bullying tactics by retailers in another sign of the tensions brewing with landlords in the pandemic.
High street chains have complained that Pontegadea, the investment vehicle of Amancio Ortega, 84, has demanded some of the harshest terms and been least flexible in accepting rent reductions in the wake of coronavirus.
In an effort to prevent more retail casualties the government has put forward a code of conduct that encourages landlords to support businesses if they can and retailers to pay their rent in full if they are able to do so. It has also temporarily banned winding-up orders.
However, one retail chain said Pontegadea, which has a €15.2 billion
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