Mar 23, 2017
Next: the estate we’re in
It does so from a position of strength - 97 per cent of its shops make a return on sales of more than 10 per cent. Full-year results on Thursday showed a decline of around 5 per cent in same-store sales, faster than the average of recent years. New space increased sales by only 2.5 per cent. Newer stores have rents per square foot a quarter lower than existing ones. Next thinks that if same-store sales fell at 6 per cent a year for a decade, its retail estate would still make a 10 per cent return on sales at today's rents.
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