Across the world, the pandemic has unleashed a high-stakes debate over whether rents should be fixed or linked to some measure of how a tenant’s business is performing. Chip Bergh, chief executive of fashion chain Levi Strauss, is clear: “A fixed lease, especially at pre-Covid levels, could become economically punishing.” With the pandemic turbocharging the migration of consumers from physical stores to the internet, some sense both the chance and need for a more permanent change in leases. “I think landlords now are going to have to accept more risk sharing in terms of taking on turnover rents,” said Brian Bickell, chief executive of Shaftesbury, a UK-listed property company whose portfolio includes London’s Chinatown, who has offered turnover-linked leases to restaurants and cafés. “At the end of the day it’s got to be affordable for the tenant as well.”