Next slashes rents at 33 stores on renewal

Next superstore

Retailer cuts rent by 28% on 33 stores and looks to renegotiate on or close 25 more.

Announcing a robust set of half-year results showing a 3.8% rise in total group sales to £1.98bn, the retailer said it had negotiated or was currently negotiating rent reductions on 33 store that had reached the end of their leases this year and was likely to reduce its rent roll on the stores from £10m to £7.2m a year.

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