The recent announcement by Mosaic Brands – owner of Rivers, Noni B and a number of other brands – that they will be closing 300 – 500 stores across the country, has sent a shockwave through the retail industry. Citing poor sales due to the bushfires and the pandemic, this could be the start of a number of other retail brands being forced to close.
A key factor has been retailers struggling with landlords to obtain rent relief in the short and long term. Landlords could be facing an extended period of empty stores if this impasse cannot be solved. Will this spell the end of big shopping centres as we know them?
Roger talks with 6PR’s Chris Ilsley on the topic of rents and what the future holds in store for physical retailers faced with rising costs and a drop in sales.