The most adversarial relationship in retailing is between landlord and tenant. Tenants think landlords are ruthless bullies; landlords think tenants are short-term idiots. The balance of power has traditionally rested with landlords, because aristocratic landowners have manipulated property legislation, and because Britain is a cramped place. But that situation is changing suddenly, thanks to expansion of the internet, pressure on consumer spending and the violent collapse of property financing.

Few categories of retail have been unscathed by the digital revolution. In years to come perhaps a quarter or more of goods will be sold on the net. The bursting of the dotcom bubble saw many exclusive online brands disappear, but the rise of multi-channel retailers has been relentless in recent years. Many retailers will downsize their bricks and mortar presence to sell direct. This is ominous news for retail property owners.