Landlords are being pressed by New Look to make a radical switch to turnover-based rents as it seeks to slash property bills.
The well-known fashion chain wants to move to a sales-based model at the majority of its 500-store network across the UK and Ireland in the wake of the pandemic.
New Look is just one of many high street operators who are looking to move to such rental agreements during this time where physical store sales have essentially ground to a halt due to the outbreak.
Other companies having similar discussions include the Theo Paphitis Retail Group, Mike Ashley’s Frasers Group and food-to-go specialist Pret a Manger.
