The Sunday Telegraph has reported that retail billionaire, Sir Philip Green has closed one fifth of his empire. A total of 41 Evans stores, 26 Wallis closures, 62 Dorothy Perkins along with Miss Selfridge, Topman, Topshop and Burton have had 80 stores closed.
Sir Philip has endured falling sales with increased property costs. Cleverly he let the leases run out and did not renew them, other wise his business rates would have risen to approximately £20m over the last five years, according to Colliers International.
Head of business rates at Colliers International, John Webber said, to the newspaper, “We have all witnessed the high-profile closures and restructuring of retail business leading to stores shutting and large-scale job losses.
“But what is happening quietly without the fanfare but, with the same devastating results, is the steady stream of shops that close at lease renewal or at break clauses were the keys are handed back to landlords.”