Apple is pushing for huge rent cuts at its UK stores despite skyrocketing sales to new highs during the lockdown.
The tech giant has told owners of part of its 38-store estate in the UK that it wants rents reduced by up to 50% and a rent-free period. In return, he offered to extend the leases by a few years.
The difficult tactics have caused consternation among landowners. Although all of its stores were forced to close as the pandemic swept the world, Apple reported last week that second-quarter sales jumped 11% to a record $ 59.7 billion (45.6 billion billion pounds sterling). The iPhone maker made a profit of $ 55.3 billion last year.
Apple seeks to align its rents with those of other retailers, many of whom