LONDON – Apple has reportedly asked for huge rent reductions for its UK stores. Landlords are being asked to slash rates by as much as 50% along with a rent-free period. Apple has said it will extend leases at the sites by a few years in return (via The Sunday Times).

Apple Wants Rents Slashed in Return For Lease Extensions

The move is Apple attempting to bring itself in line with fellow retailers, as landlords offer cut-price deals to help keep units occupied. For the first time since closing due to the COVID-19 pandemic, all Apple Stores across the UK were open at the end of the last month.

Apple Store UK Regent Street

Apple UK recently revealed a turnover of £1.37 billion last year, with pre-tax profits of £39 billion.

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