Clarks looks to revamp its property portfolio
Clarks is looking to revamp its presence on the high street with a review of its property portfolio, conducted by consultancy Harper Dennis Hobbs.
As part of the review, Harper Dennis Hobbs will be examining Clarks' 550 outlets to see if the company is in the right locations, and has the right type of stores.
Clarks is also looking to find out if it is being treated fairly by landlords, and if rents are competitive across its sizeable property portfolio.
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It is understood that the established shoe retailer, which has been on the high street since 1825, is not intending to close any stores, or cut jobs. There may be some relocations, however, as Clarks seeks to be in the best spots to attract shoppers.
The elegance of simplicity. Grace. pic.twitter.com/GfjgBwSc8B
— Clarks Shoes (@clarksshoes) January 29, 2017
Employing a third party to conduct the review will make it easier for Clarks to enter into robust negotiations with landlords over the rent it pays.
Mike Shearwood, chief executive of Clarks, said he wanted to make sure the company had the "best possible property portfolio".
"We are excited and looking forward to sharing our plans with landlords and working in partnership with them to explain the value that the Clarks brand can bring to their locations across the country," he said.
Although Clarks conducts regular reviews of its portfolio, this one comes at a crucial time for high street retail. Business rates have been revaluated for the first time in seven years, and property taxes will rise for many high street businesses.