Apple demands 50% rent cuts for UK stores

The Sunday Times:

Apple is pushing for huge rent reductions across its UK stores despite its sales soaring to new heights during the lockdown.

The tech giant has told landlords of a portion of its 38-store estate in the UK that it wants rents slashed by up to 50% and a rent-free period. In return, it has offered to extend leases by a few years.

The tough tactics have caused consternation among property owners.

I don’t know if Apple has actually “demanded” these discounts as the headline posits but I imagine it’s going to be awfully hard for a company that announced 55 billion pounds in profit last year to get any significant discounts from landlords who are “struggling” just as much.