Shopping centre and high-street landlords have been asked to lower rents on unprofitable stores as struggling retailers seek ways to keep their businesses afloat and cut costs. But property owners have grown increasingly resistant, prompting some chains to consider an alternative approach. Last month Philip Green was forced to tweak a plan to close or secure significantly lower rents on stores leased by his Arcadia business. He pledged to invest £100m into the company, which owns Topshop and Miss Selfridge, after landlords refused to back a more aggressive restructure with deep rent cuts.
Shopping centre and high-street landlords have been asked to lower rents on unprofitable stores as struggling retailers seek ways to keep their businesses afloat and cut costs. But property owners have grown increasingly resistant, prompting some chains to consider an alternative approach. Last month Philip Green was forced to tweak a plan to close or secure significantly lower rents on stores leased by his Arcadia business. He pledged to invest £100m into the company, which owns Topshop and Miss Selfridge, after landlords refused to back a more aggressive restructure with deep rent cuts.
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