5 July 2011
The retailer is understood to have been paying a rent of around £900,000 a year, but this is thought to have now been increased to around £3m a year. Abercrombie is thought to make sales of more than £40m a year from the 18,000 sq ft store.
The rent review was undertaken because when Abercrombie signed for the store in 2007 it agreed to a landlord break in 2016. Abercrombie has now renegotiated the lease, removing this break so the lease now expires in 2021.
As revealed by Property Week (20/5/11) Abercrombie & Fitch has a requirement in the West End for a 10,000 sq ft Abercrombie Kids store. Savile Row is thought to be a preferred location to keep the brands in the same location.
Abercrombie declined to comment on the review. The Lorenz Consultancy acted for the landlord. Capita Symonds acted for Abercrombie & Fitch.
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