Westfield and other property groups including Lend Lease (ASX: LLC), Federation Centres (ASX: FDC) and Stockland (ASX: SGP) have already been forced to reduce rent rates after a number of specialty stores complained that they could not sustain payments. Harvey Norman (ASX: HVN), for instance, said it would close a number of stores located in malls, preferring to instead run stand-alone stores. Unless the company can find other ways to boost revenues, lower rent rates could impact on profits.
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