×
1 873
Fashion Jobs
FOOT LOCKER
Community Marketing Manager
Permanent · London
VF INTERNATIONAL
UK Retail - IT Senior Service Delivery Analyst
Permanent · NOTTINGHAM
VF INTERNATIONAL
dc Team Leader
Permanent · COALVILLE
EUDON CHOI
Production Manager
Permanent · LONDON
TK MAXX
Loss Prevention Officer - tk Maxx Bristol
Permanent · Bristol
LONDON CONTOUR EXPERTS
Marketing Executive/Junior Manager
Permanent · LONDON
ESTÉE LAUDER
Tom Ford - Business Manager - Flannels - Fosse Park, Leicester - 37.5 Hours - Full-Time - Permanent
Permanent · Leicester
VF INTERNATIONAL
International Account Coordinator - Ftc 12 Month
Permanent · NOTTINGHAM
TIMBERLAND
Credit Controller - German Speaking - Timberland
Permanent · CALVERTON
THE NORTH FACE
Credit Controller - Italian Speaking - The North Face
Permanent · CALVERTON
THE NORTH FACE
Credit Controller - French Speaking - The North Face
Permanent · CALVERTON
PINKO
Supervisor
Permanent · MANCHESTER
RALPH LAUREN
Operations Manager
Permanent · Cheshire
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - Sprucefield - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Edinburgh, John Lewis - 37 Hours - Full-Time, Permanent
Permanent · Edinburgh
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - Sprucefield - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - House of Fraser, Maidstone - 15 Hours - Part Time, Permanent
Permanent · Maidstone
ESTÉE LAUDER
Clinique - Consultant - Boots, Princes Street, Edinburgh - 14 Hours - Part Time - Permanent
Permanent · Edinburgh
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
By
Reuters
Published
Mar 17, 2011
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

UK retailers say landlords must share the pain

By
Reuters
Published
Mar 17, 2011

March 17 - Property firms will have to share the pain of town-centre stores as they battle a tough economic outlook and competition from the internet, retail parks and shopping malls, leading British shopkeepers said.


Topshop, owned by the Arcadia Group

Retailers from fashion group Arcadia and baby goods chain Mothercare to chocolatier Thorntons have a large number of shop leases expiring in the coming years and are going to drive a hard bargain with landlords used to rising rents.

"We've actually got 500 stores that expire over the next three years, so they're (landlords) going to have some very interesting dialogue," Philip Green, the billionaire owner of Arcadia told the Retail Week conference.

"They've had a hell of a long run when rents have only gone one way. Rents are falling in Ireland -- and it's not just in Ireland where we are going to see this," he said.

Green, like Mothercare and Thorntons, has said he is looking to close some underperforming stores, while investing in better shopping locations.

Another senior retail executive, speaking to Reuters on the sidelines of the conference, said he was achieving rent reductions of 35-40 percent on new lease agreements.

"The medieval system where there's only upward-only rent reviews needs to change," said Alex Gourlay, chief executive of health and beauty at Alliance Boots.

"It's changing in Ireland which is great, and we need to think about how we change that in the UK."

Stricken chain JJB Sports is seeking a deal with landlords next week that could see it close up to 89 stores over the next two years, warning it could go out of business unless it can retrench to a core of around 150 shops.

Several store groups are critical of such deals, called company voluntary agreements (CVAs), which emerged during the recession, arguing they advantage weak companies and penalise their own businesses, which are locked into lease obligations.

"It's often held up that the CVAs help preserve jobs," said Ian Cheshire, chief executive of Kingfisher, Europe's biggest home improvement retailer.

"My counter to that would be to say that if I can pick up a good store currently operated by smaller, weaker competitor, I would, I am sure, be able to lower prices for local consumers, I would have a better range, would invest more in the staff and I would invest money that that competitor could not put in to that locality," he said.

"The idea that this CVA thing saves jobs is ludicrous. What it is, is postponing and dragging out a process that needs a much faster recycle."

Green, however, said he could understand why landlords vote for CVAs because they are obliged to pay business rates on empty shops.

"Probably half the rent, and getting the rates, paid is better than having any empty door where you've," he said.

(Editing by James Davey)

© Thomson Reuters 2021 All rights reserved.