New Look in talks with landlords over turnover-based rents
4 Jun 2020
New Look has reportedly begun crunch talks with landlords over turnover-based rents.
The British fashion retailer has appointed property firms CBRE and CWM to negotiate the proposal which would apply to “the bulk” of its 500-strong store network in the UK and Ireland, Sky News reports.
It comes as companies across the country seek ways to cut costs amid the Covid-19 pandemic.
A growing number of retailers are calling for these types of rent agreements, which see rents linked to each store’s sales.
New Look didn’t pay its quarterly rent bill in March after requesting a three-month rent holiday. Its next bill deadline is at the end of June.
A New Look spokesperson told Sky News: “As we look towards beginning to safely reopen stores, we can confirm we are in discussions with landlords regarding rental arrangements which fairly reflect the retail operating environment.”
Photo credit: FashionUnited