Footwear retailer Schuh has become the latest retailer to ask landlords for rent reductions across its retail estate, after it reportedly hired a consultant to explore money saving options.
According to reports from The Times, the brand has brought in retail property consultants from Capa, to carry out a full audit of its property costs, in a bid to reduce the burden on in its 132 stores portfolio.
Schuh appointed ‘Big Four’ firm KPMG last month, to “assess its options”, after the retailer posted a 9.6% drop in profits to £15m in its most recent annual report.
The retailer attributed the performance to an “overtly promotional retail market”, and ruled out the possibility of any company voluntary arrangements (CVAs).
A statement from the retailer said: “As a business we remain focused on delivering initiatives to further enhance customer experience, including our new transformational TwentyTwenty store design, CRM personalisation, driving brand awareness and continuing to offer our customers their favourite footwear brands and styles.”
The news comes after Schuh closed all three of its stores in Germany in June, as it looks to focus efforts on its UK trading.