Apple Asks UK Retail Landlords for 50% Rent Cut Despite Record Sales
Apple has asked landlords of its retail stores in the UK for a 50 percent cut to rent, reports The Sunday Times.
If landlords agree to cut rent by up to 50 percent and offer a "rent-free period" of an undisclosed duration, Apple is supposedly offering a considerable lease extension in return. The proposal is understood to relate to stores with several years left to run on their leases, meaning that landlords are not faced with making an immediate decision.
The tactic has reportedly caused "consternation" among property owners. In spite of all Apple retail locations being forced to shut due to the global situation, Apple reported a record $59.7 billion sales increase in the second quarter of 2020 and said that, while stores where closed, online demand for its products was "phenomenal."
The logic behind the request is based on a desire to bring Apple rent rates into line with other UK retailers, many of which have benefited from lower rents as landlords struggled to keep shopping centers occupied. Apple operates 38 retail locations in the UK, all of which shut in recent months. All UK stores have now reopened.
Apple retail outlets are among the most profitable in the industry and their popularity means that landlords tend to be desperate to keep them as a tenant. Apple declined to comment to the The Sunday Times.
Related Stories
We've seen a lot of teasers about the Beats Studio Buds over the past month since they first showed up in Apple's beta software updates, and today they're finally official. The Beats Studio Buds are available to order today in red, white, and black ahead of a June 24 ship date, and they're priced at $149.99.
The Studio Buds are the first Beats-branded earbuds to truly compete with AirPods...
YouTube is planning to stop supporting its YouTube app on the third-generation Apple TV models, where YouTube has long been available as a channel option.
A 9to5Mac reader received a message about the upcoming app discontinuation, which is set to take place in March.Starting early March, the YouTube app will no longer be available on Apple TV (3rd generation). You can still watch YouTube on...
Apple has been involved in a long-running iPhone trademark dispute in Brazil, which was revived today by IGB Electronica, a Brazilian consumer electronics company that originally registered the "iPhone" name in 2000.
IGB Electronica fought a multi-year battle with Apple in an attempt to get exclusive rights to the "iPhone" trademark, but ultimately lost, and now the case has been brought to...
Google has rolled out picture-in-picture support as an "experimental" feature for YouTube premium subscribers, allowing them to watch video in a small window when the app is closed.
If you're a premium YouTube subscriber looking to try out picture-in-picture, follow these steps: Launch a web browser and sign into your YouTube account at YouTube.com.
Navigate to www.youtube.com/new.
Scroll...
Apple has published a FAQ titled "Expanded Protections for Children" which aims to allay users' privacy concerns about the new CSAM detection in iCloud Photos and communication safety for Messages features that the company announced last week. "Since we announced these features, many stakeholders including privacy organizations and child safety organizations have expressed their support of...
Apple is currently engaged in a cat-and-mouse game with persistent kids looking to circumvent Screen Time restrictions, but the company has been receiving some criticism for not moving quickly enough to lock down some of the loopholes, reports The Washington Post.
A few of the loopholes and ways for parents to shut them down are documented on the site Protect Young Eyes, while these and...
Apple's new macOS Mojave update is not compatible with mid-2010 and mid-2012 Mac Pros with stock GPUs, but it is supported on 2010 and 2012 Mac Pro models that have been upgraded with graphics cards that support Metal.
Apple today shared a new support document that provides a list of graphics cards that are Metal-capable, which will be useful for 2010 and 2012 Mac Pro owners who want to...
For this week's giveaway, we've teamed up with MAXOAK to offer MacRumors readers a chance to win a Bluetti portable power station and an accompanying solar panel. Bluetti makes a range of portable power station options that are useful for camping, emergencies, power outages, off-grid living, and similar situations.
The Bluetti EB70 is a solid middle of the road option that offers 716Wh and...
If you unwrapped an Apple product today it likely came with one of the company's first-party Lightning cables, but having an extra on hand is always a good idea, so you can place it in other rooms in your house, in your car, or in a bag when you travel.
For that reason, now's a good time to shop for third-party Lightning cables that are cheaper than Apple's own accessory, but still Made For...
Apple has stopped selling the second-generation 10.5-inch iPad Pro, originally released in June 2017, after launching a new 10.5-inch iPad Air today.
The 10.5-inch iPad Pro had remained available from $649 following the release of 11-inch and 12.9-inch iPad Pro models in October 2018, but it has been replaced by the 10.5-inch iPad Air with a cheaper starting price of $499.
The new iPad...
Top Rated Comments
There's nothing technically wrong with it. But it feels icky.
No doubt fanboys will be along shortly to say how unfair it is to call them out etc, etc.
Apple are tone deaf to the pandemic. They need to look at the optics of how this looks.
Yes, it's perfectly within their rights to do this. But just because they can doesn't mean they should.
Many people on here seem to think of Apple as being some altruistic company, indeed they do try very hard to cultivate that image. However, anyone who has ever had B2B dealings with Apple knows that they are absolutely anything but. Why anyone should cut them some slack when they absolutely would and do not, is beyond me.
Looking forward to seeing how the ADL spin this one against those evil, wealthy landlords.