New Look in crunch talks over ‘radical’ switch to turnover-based rents

New Look

New Look is pressing its landlords to make a “radical” switch to turnover-based rents as it seeks to slash its property bills amid the coronavirus crisis.

The fashion chain wants to move to a sales-based model at the majority of its 500 stores across the UK and Ireland in the wake of the pandemic.

A number of high street operators are pushing for a move to such rental agreements at a time when sales in physical stores have plummeted during lockdown.

Mike Ashley’s Frasers Group, food-to-go specialist Pret a Manger and Theo Paphitis’ retail group are all having similar discussions with landlords.

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