Australian Stationer Seeks Rent Relief for Underperforming UK Stores

  • Smiggle considering rent reductions due to poor trading performance
  • Expansion in the UK with 130 stores nationwide
  • Mixed reactions from landlords regarding negotiations
  • Revenue increased by 92% in the year to July 2017

Australian stationery retailer Smiggle is considering rent reductions following reports that some of its UK stores are not meeting expectations. The company, which expanded to the UK in 2014 and now operates 130 stores nationwide, has been open with landlords about the situation. A source close to the retailer told Property Week that Smiggle has contacted landlords at underperforming sites to discuss potential rent reductions. The reaction from landlords has been mixed, with some refusing to negotiate and others attempting to find a solution. Despite a 92% increase in revenue by July 2017, the company is yet to file its 2018 financials.

Factuality Level: 9
Factuality Justification: The article provides accurate and objective information about the situation of Australian stationer Smiggle discussing rent reductions with landlords due to underperforming stores. It includes relevant details such as the number of stores nationwide, the reaction from landlords, and the company’s financial performance in previous years.
Noise Level: 3
Noise Justification: The article provides relevant information about the retailer’s financial situation and its negotiations with landlords regarding rent reductions. It also mentions the company’s recent growth and a specific example of a new store opening. However, it lacks in-depth analysis or actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Smiggle and its landlords
Financial Rating Justification: The article discusses rent reductions negotiations between Smiggle, a retailer, and its landlords, which is related to financial matters and impacts the company’s expenses and potentially the performance of their stores.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.

Reported publicly: www.retailsector.co.uk