Sir Philip Green wants to reduce the size of his Arcadia fashion empire “substantially”, but the time until lease expiry on many stores is impeding progress, Property Week can reveal.
Senior industry figures suggested Arcadia was looking to shut around a third of its 500 leased UK shops, but would only be able to do so as leases expire.
While a source familiar with Sir Philip’s plans insisted the number of stores earmarked for closure had not been set and that there was no set timeframe for the closures, he confirmed that Sir Philip “would love to reduce the size of all the chains substantially”.
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