Apple is seeking steep cuts to the rents its pays in its UK store estate.
The technology giant, which has 38 shops in this country, wants rents reduced by as much as 50% and a rent-free period, The Sunday Times reported. Apple is willing to extend leases in return.
Like other big technology companies, Apple has performed well despite shutting stores during the coronavirus lockdown.
Last week, Apple said that sales during its second quarter had risen 11% to $59.7bn (£45.6bn), and last year it generated profits of $55.3bn.
However, Apple wants to deal with landlords on similar terms to other retailers, which have benefited from lower rents as leases have been renegotiated or reduced as the coronavirus pandemic decimated footfall.
Apple’s stores are understood to be highly profitable, and landlords are keen to retain it as a tenant.
Because the Apple stores affected have several years left to run on their leases, it is thought that landlords do not feel they must make a decision immediately.
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