ALEX BRUMMER: It's High Street rents that are sending retailers to the 塀で囲む and 所有物／資産／財産 owners need to get real

By Alex Brummer for the Daily Mail

Updated: 11:02 BST, 17 January 2013

Blockbuster was the last ビデオ 賃貸しの chain alive on the high street. In my own corner of south-west London there used to be t hree such 出口s, some of which 現実に 申し込む／申し出d films people 手配中の，お尋ね者 to watch.

Now all that is left is a dank-smelling Blockbuster, in a 場所 where it is impossible to park, that 申し込む／申し出s dozens of 類似の 活動／戦闘 movies and little else. Yuk.

At least HMV never wholly abandoned its 核心 music values and 在庫／株d a wide variety of 激しく揺する and classical offerings.

Changing times: 科学（工学）技術 is destroying the ビデオ 賃貸しの model. The 集中 of broadband 配達／演説／出産, 衛星 and the 拡大 of the terrestrial television 巨大（な）s into the 数字表示式の space could make ビデオ 賃貸しの obsolete

行政官／管理者 Deloittes, the only true 勝利者 from the 危機 on the high street, thinks there is something to 海難救助 from Blockbuster. It 観察するs that the 核心 of the 商売／仕事 is still profitable.

The 焦点（を合わせる） on keeping the company 貿易（する）ing will be on defining that 核心. But whatever it is the 見込み is that a fair 割合 of the 528 出口s across Britain will 結局最後にはーなる の近くにing.

Even more so than at HMV, 科学（工学）技術 is destroying the ビデオ 賃貸しの model. The 集中 of broadband 配達／演説／出産, 衛星 and the 拡大 of the terrestrial television 巨大（な）s such as ITV into the 数字表示式の space will in all 見込み make ビデオ 賃貸しの obsolete.

The small 黒字／過剰s in some Blockbuster 蓄える／店s could quickly disappear.

After sport the next race for hegemony の中で the terrestrial 放送者s, BT, 衛星 and apps on 動きやすい 装置s is going to be movies. LoveFilm and its 肉親，親類d 供給する next day 配達／演説／出産 and online services.

It is hard to believe that ビデオ 賃貸しの, 特に since it 申し込む／申し出s neither better choice nor a pleasant 環境, can ever compete with that.

Whatever happens some of the 528 蓄える／店s will be 捨てるd on a 賃貸しの market already bulging with the 影響 of 惑星, Jessops, HMV and others. As we 報告（する）／憶測 today the spare capacity in the rented 小売 部門 is 急に上がるing.

Landlords only have themselves to 非難する. 上向き-only 賃貸しの reviews, a 拒絶 to make いっそう少なく advantageous 取引，協定s with tenants, depending on their circumstances, and the onerous 重荷（を負わせる） of 商売／仕事 率s have all done enormous 損失.

Now it is the landlords who should start to hur t.

小売 所有物／資産／財産 values fell 6 per cent in 2012 and are 明確に in for another 揺さぶる. They have fallen 30 per cent from the 頂点（に達する） of the credit にわか景気.

Most of the banks have given up on lending to 地元の 商売／仕事 wanting to buy their 前提s for 恐れる that the only direction of 所有物／資産／財産 values is south.

Rents have started to adjust downwards but not far enough to attract a new 世代 of shopkeepers.

The big 所有物／資産／財産 owners need to get real about 賃貸しのs and prices on the high street. If they continue to bury 長，率いるs in the sand, thinking that values are going to 回復する to 2007 values and beyond, they may be too late.

There will be no renters left apart from charity shops, 急速な／放蕩な food 出口s and a handful of 勇敢に立ち向かう 独立した・無所属 entrepreneurs.

Masters of 災害
America has a 全く different 態度 に向かって money than Britain.

Here we are still fighting the 戦う／戦いs of 2007-09 against the 銀行業者s. All the 最高の，を越す (n)役員／(a)執行力のあるs have been 取って代わるd and we have just had a grisly 警告 from 独立した・無所属 （売買）手数料，委託（する）／委員会／権限 on Banking supremo Sir John Vickers that he would like to see the ringfence between 小売 banking and 投資 banking electrified. He 明白に wants to bring out more 団体／死体s.

On the other 味方する of the 大西洋, JP Morgan 長，指導者 (n)役員／(a)執行力のある Jamie Dimon has 統括するd over a スキャンダル that has cost his blue-血d bank a $6billion 貿易（する）ing loss. It is still 存在 調査／捜査するd by a long chain of regulators 含むing the 司法省 and 安全s & 交流 （売買）手数料，委託（する）／委員会／権限.

And his 罰? The board has decided to 持つ／拘留する his 支払う／賃金 to $11.5million against $23million. That hardly looks like a 移転 料金 to skid 列／漕ぐ／騒動.

Goldman Sachs barely 捨てるd through the 財政上の 危機 and had to be pulled 支援する from the brink by 過密な住居 Buffett and 政府 基金s.

The very same 議長，司会を務める and 長，指導者 (n)役員／(a)執行力のある who led Goldman to the 辛勝する／優位 of the cliff, Lloyd Blankfein, still bestrides the 会社／堅い like a colossus. The 支払う／賃金-and-特別手当 pool at £8.3billion, or £250,000 per 従業員, is 辛勝する／優位ing 上向きs again.

As long as the 利益（をあげる）s pile up, no one seems to care how they are made or whether the rewards are deserved.

Mystery 小旅行する
株 of First Choice owner TUI Travel were the biggest riser on the FTSE100 after the 発覚 that it is in 合併 会談 with its troubled German 大多数 投資家 TUI AG.

Bringing the two together might 産する／生じる some big cost 貯金. But the last thing Britain needs is another foreign 引き継ぎ／買収 特に by a company 支配するd by two unaccountable 大君s ロシアの Alexey Mordashov and the Norwegian shipping 巨大（な） John Fredriksen.

That will not help 少数，小数派 投資家s.