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.
Popular Stories
Apple's second-generation AirPods Pro could arrive alongside a new series of accessories, recent leaked images suggest.
Alleged leaked photos of the next-generation AirPods Pro obtained by MacRumors showed a charging case with a metal loop on the side for attaching a strap. Apple has not used this design for any of its other AirPod models and it is unclear why it would be added in this...
Netflix today updated the prices for its streaming plans, and all of its offerings are now more expensive. The Basic plan is now priced at $9.99 per month, the Standard plan is priced at $15.49 per month, and the Premium plan is priced at $19.99 per month.
The Basic plan is $1 more expensive, up from $8.99 per month. This plan allows users to watch on just one screen at a time, and it limits ...
Apple is rumored to announce four new iPhone 14 models in September, and ahead of time, analyst Jeff Pu has outlined his expectations for the devices.
In a research note with Haitong International Securities, obtained by MacRumors, Pu claimed that all iPhone 14 models will feature ProMotion displays, compared to only Pro models currently. ProMotion enables a variable refresh rate up to 120Hz ...
Apple today released minor 15.2.1 updates for iPhone and iPad users, and the software comes one month after Apple launched iOS 15.2 and iPadOS 15.2 with a slew of improvements.
The iOS 15.2.1 and iPadOS 15.2.1 update can be downloaded for free and the software is available on all eligible devices over-the-air in the Settings app. To access the new software, go to Settings > General >...
LG in December announced the launch of its new 2022 32-inch UltraFine OLED Pro display, and in our latest YouTube video, we went hands-on with it to see how it compares to Apple's Pro Display XDR and whether it might be worth picking up depending on the price point. Subscribe to the MacRumors YouTube channel for more videos. Officially named the "32BP95E," the display features a resolution of ...
Bloomberg's Mark Gurman and Debby Wu last year reported that Apple had tested a new iPad Pro with a glass back for wireless charging capabilities. In a recent edition of his newsletter, Gurman said he expects the new iPad Pro to be released in 2022.
While the new iPad Pro is still on track to feature wireless charging, 9to5Mac's Filipe Espósito today reported that Apple may have ultimately...
Apple is widely expected to remove the notch on iPhone 14 Pro models, but there have been conflicting rumors about the new design. Early rumors suggested that Apple would adopt a hole-punch design with Face ID somehow moved completely under the display, and later it was rumored that there would be a pill-shaped cutout instead.
Now, display industry consultant Ross Young has claimed that...
With the Apple vs. Epic Games lawsuit continuing on, there are no signs that Apple has any intention of allowing popular battle royale game Fortnite to return to the App Store on iPhone and iPad.
Epic Games has found a workaround though, by partnering up with Nvidia. GeForce NOW, Nvidia's streaming gaming service, will soon add Fortnite support, allowing Fortnite to be played through a...
Amazon today has a great deal on the 2017 Intel 21.5-inch iMac (2.3GHz, 8GB RAM, 256GB SSD), priced at $599.99, down from $1,099.00. This is the best price we've ever tracked on this model, and it's only available at Amazon. The sale price will be reflected after an automatic coupon is applied at checkout.
Note: MacRumors is an affiliate partner with some of these vendors. When you click a...
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.