Landlords have come under pressure as retailers have struggled to keep up with the cost of rents, rates, wages and online competition.

Retailers have blamed the rising tax for the growing number of high street closures as they struggle to see off online competition.

They have fallen 92% in a year, valuing the business at ¤159m, as investors fret over the grim advertising outlook for newspapers and online competition.

Traditional shops facing increasing online competition are giving way to eating out places.

Warning signs of rising numbers of empty shops, retailer insolvencies and online competition were there for years before some landlords reported sharp valuation declines.