Myer and DJs falling sales hit retail landlords


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Some chains are offering as much as 30 per cent off already discounted items, with others offering free clothes with some purchases.


Because of their size, department stores traditionally pay lower rents than a smaller specialty store, but the leases can extend to more than 50 years.


However, with demand waning for department stores, they are being redeveloped into smaller sites and are being charged higher rents when they re-open.


The incoming chief executive of Myer, John King, said he would be talking to his landlords about rents and size once he takes over the helm.


Peter Zuk, the property analyst at Shaw Partners, said given the long-dated nature of anchor tenant leases, the break fees associated with Myer terminating its leases would be prohibitive.


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