Last week House of Fraser announced plans to slash 30% of is UK property footprint over the next decade, with intu Properties being most at risk of multiple store closures than any other UK landlord.
According to EG data, the entire House of Fraser portfolio stands at approximately 7.7m sq ft across 59 operating stores in the UK.
Of this space, around 500,000sq ft can be found under the intu umbrella, with large stores at MetroCentre in Newcastle, Lakeside in Thurrock and Chapelfield in Norwich.
The retailer has actively contacted landlords across its portfolio asking for rental reductions, as its current rental terms command more than £11 per sq ft on average, with the average store size standing at 130,000 sq ft. Expiries on those leases are locked in for the foreseeable future, with most running through to 2040.
In terms of location, there is a 50:50 split between stores on the high street and shopping centres, typically anchor stores in the latter and historical department store assets in the former.
The South East makes up the largest percentage of stores within the entire portfolio, followed by the West Midlands and then Yorkshire.
House of Fraser plans to slash UK footprint
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