Retailers need to be willing to share store space as the cost of rents and business rates rise, chief executive of Jigsaw, Peter Ruis, has said.
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Speaking at a debate on new development ideas at Drapers Fashion Forum 2017 in London today, Ruis said teaming up with the right partners to share retail space can help manage costs.
“We work with cafes. The price of real estate and business rates means we need to do a bit more sharing. It is much more cost effective to share space.
“A small artisan cafe can’t afford its own retail space in central London, so it makes sense to share the cost. It’s the same when we work with department stores – we need to share as prices rise.”
Peter Williams, founder and chief executive, Jack Wills said selecting the right partner to team up with is essential: “When choosing partners to work with, it is key that you work with similarly minded people. You have to work with people that suit your brand.”
He added: “Also need to make sure they are financially sound.”
The same applies when working with franchise partners in international markets, added Williams: “The most successful partnerships are forged with long standing businesses that you trust.”