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Starbucks looks for 25% lease reductions at stores
May 28, 2009
Bloomberg News: Starbucks Corp. is pushing some U.S. landlords to reduce their lease rates by as much as 25 percent, taking advantage of a declining real estate market to save on rent.Starbucks began rent-reduction efforts in January as part of a plan to trim overallexpenses, according to Tara Darrow, a spokeswoman for the Seattle-based company.
Faith Hope Consolo, chairman of New York-based Prudential Douglas Elliman's retail leasing, marketing and sales division, is generally advising about a dozen landlords to work with Starbucks after they received letters seeking rent reductions of 20 percent to 25 percent. She hasn't seen the correspondence.
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