Profit a third of what it was for the previous year
Menswear retailer Baron Jon is moving from shopping centres to the high street, following a yearly financial report showing the impact of rent hikes.

The retailer recorded a turnover for the year to January 31 this year of£19.7 million, up from£17.7 million the year before. Profit on ordinary activities before tax was£105,565, down from£351,205 a year ago.

The retailer said it had suffered from increased competition from other national retailers, which forced it to lower prices. High rent reviews at some of its shopping centre outlets also affected results.

The directors' report said: 'It is the aim of the directors to reduce the exposure in the shopping centre market and move back to prime high street locations, where rent, rates and service charges are significantly lower.'

Baron Jon has already commenced this strategy with the closure of one shopping centre branch. It plans three further closures, with a saving of£400,000. These branches will be relocated to high street sites.

Baron Jon operates about 30 stores situated in high street, shopping centre and factory outlet locations.