Next confirms departure from Island

Retail giant says the terms to renew its lease were not 'commercially acceptable'

Retail giant Next has confirmed it's leaving the Isle of Man.

The clothing and homeware store has not renewed its lease in Strand Street.

The brand has had a presence in the capital for decades.

However, in a statement to Manx Radio, Next says while it wanted to renew the lease and remain trading on the Island, the landlord put forward terms that weren't commercially acceptable.

It means the store will be closing in the summer.

"The store’s lease is coming to an end and although NEXT wanted to renew it and remain trading on the island, as it has for many years, the landlord put forward terms that weren’t commercially acceptable, so sadly the store will have to close in the summer. Terms for a renewal of the lease could not be agreed with the landlord." - NEXT Spokesperson

The building is owned by Kelproperties, and Manx Radio has contacted it for a response.

The Department for Enterprise has declined to comment, and we're still waiting to hear back from Douglas City Centre Management.