Five retail leases filed with the SEC define Gross Sales five different ways, and only two of them use the number to collect percentage rent. DSW's Nashua lease excludes internet and catalog sales unless they ring through the store register, then splits kiosk-ordered, elsewhere-fulfilled sales fifty-fifty, which at 4% over an $8,856,800 breakpoint prices those sales at two cents on the dollar. Dover Saddlery owes no percentage rent at all and still carries a full Gross Sales definition, because the same number decides whether the tenant may walk away for missing $3,500,000 in Lease Year 4, and that definition counts internet orders while forbidding any deduction for internet returns. Intent to Dine's Sunset Boulevard lease sets shutdown rent at 6% of Gross Sales, measured by a definition that reaches orders filled by an affiliate at any other location.
A $75 million Simon Property Group refinancing of two outlet centers went into a CMBS prospectus on 14 August 2026, and the tenant footnotes print two co-tenancy clauses side by side. Old Navy's triggers when less than 70% of the center's gross leasable area is open for business. Guess's triggers when occupancy of the landlord's tract falls below 75%. A dark tenant that keeps paying rent fails one test and passes the other. The portfolio is 92.9% occupied including temporary tenants and 80.4% without them, and the rent roll counts a temporary tenant as vacant space even though its doors are open, so the number Old Navy's clause actually measures appears nowhere in the loan file. Guess's lease expires on 31 January 2028, which is sooner than the 18 consecutive months plus 90 days' notice its own termination right requires.
Brent Cross's landlords are suing John Lewis in the High Court over whether click-and-collect orders count toward turnover rent under a 1979 lease whose definition reaches orders 'received or filled at or from the premises.' U.S. shoppers will collect $177.9 billion of online orders in stores this year, and roughly three quarters of percentage rent misreporting already traces to exactly these transactions.
