Vodafone chases lower rents

Vodafone Hutchison Australia is pushing retail landlords to reduce rents as it fights to turnaround recent losses, according to Fairfax Media.

The telco has reportedly been vacating stores when landlords have refused to come to the negotiating table, with the moves coming after a letter was sent to property owners in November.

“This request is on the back of numerous store closures that have been performed in the last two years due to the significant losses that have been incurred from the impact of customers leaving,” a letter from Vodafone’s national retail property manager said, according to Fairfax Media.

A Virgin spokesperson downplayed the action, according to the report, noting the letter wasn’t signed off by senior management.