David Jones chief Paul Zahra says it will play hardball with shopping centre landlords over leases. Source: AAP
DAVID Jones says it will play hardball with shopping centre landlords over leasing arrangements.
The retail giant and its arch rival Myer have been pressuring shopping malls to make concessions as online sales threaten department store trade.
In this environment, chief executive Paul Zahra wants lease terms reduced from 25 years to 15 years.
"We have no reason to open another store unless those rental agreements reach our terms and conditions," he told the Nine Network's Financial Review Sunday program.
The retailer has previously announced a review of its stores, in particular six in less profitable locations with leases that are due to expire within five years.
In another bid to win back customers, Mr Zahra revealed that David Jones had poached leading fashion labels from Myer, including Givenchy, Joseph, (Pucci) and Sunseeker.
"You can expect you'll see more international brands in our portfolio," he said.
David Jones is this year celebrating its 175th anniversary.
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