Mike Ashley to demand turnover rents across retail empire

Mike Ashley Poland Street

Sports Direct owner Mike Ashley has demanded of landlords that all new rent deals across his sprawling retail empire be linked to sales.

Ashley has put pressure on landlords to agree to turnover rents, where up to 15% of the total charge payable is linked to store revenue, according to the Sunday Times.

Turnover rents allow for retailers to share both the risk and potential reward of operating stores with landlords. The arrangement has become increasingly popular with a number of retail chains in the face of dwindling high street footfall this year.

Across his portfolio – which includes Sports Direct, upmarket Flannels, House of Fraser and numerous brands such as Jack Wills – Ashley has more than 700 stores across the UK.

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