The British high street is bracing for another body blow this week as some of the country’s largest retailers prepare for more store closures while others look to exert extra pressure on landlords to reduce rents.
House of Fraser and Marks and Spencer are expected to shed dozens of stores in the coming months, while Next, the clothing retailer, is looking at inserting a clause into its property leases to lower its rent.
This clause would allow Next to follow rivals should they use company voluntary arrangements, which enables companies to either settle debts or come to arrangements with creditors to cut costs, which ultimately means lower rents.
