Quiz has said it is in discussions with landlords on stores with leases coming up to expiry looking for an average of 30% rent reductions as it battles to turnaround the flagging fortunes of its estate.
Chief commercial officer at the struggling retailer, Sheraz Ramzan, said Quiz have an average lease exposure of 26-months across its 73-strong UK store estate. He said this gave the brand a lot of flexibility to renegotiate rent reductions.
“We’re taking a view on each store, on a case-by-case basis. This financial year we’ve renegotiated eight leases on stores that came to expiry. We were quite prepared to walk away from those stores, but we managed to achieve an average of 30% rent reduction across those stores, which has allowed us to hang on to them.”
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