River Island asks landlords to slash rents
By Sarah Wood | 14th August 2019
Fashion retailer River Island is negotiating with landlords over cuts to rents of up to 40 per cent.
The retailer, which has stores in Gloucester and Cheltenham, is proposing to reduce rents across the majority of its 270-store portfolio, as reported by Retail Gazette.
It's thought River Island is set to negotiate turnover-only rent deals of up to 12 per cent in its stores in marginal locations.
But it looks like River Island's days in Cheltenham could be numbered. Last week it was reported that Metro Bank has submitted plans to redevelop the River Island shop at the font of Regent Arcade.
According to documents filed to Cheltenham Borough Council, the bank "intends to secure a 25-year lease, which represents a significant investment in Cheltenham town centre."
Owner of the Cheltenham shopping centre, Canada Life Investments Ltd, has exchanged contracts with Metro Bank on the 13,000 sq ft High Street facing unit which is currently let to River Island.
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