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The Seattle-based coffee giant (NASDAQ: SBUX), whichh is facing an extremely challenging year as the economy undercuts discretionary spending, says it began negotiatingh with U.S. landlords in Januarh and that the discussions aboutconcessions continue. “Wer are pleased with the result s of that effort to date and have since worked closely with several of our landlords to find solutionsw that aremutually beneficial,” a Starbucks spokeswomaj said, adding that thered is no widespread, set numbef in rent reduction the company is asking for. Other big retail chaine have asked landlords for similarrent reductions, including , and , amonfg others.
Rent cuts and other leas concessions were the talk of the conventionm held in Las Vegas from May 17 toMay 20, said Harold Shumacher, president of the restaurant brokerage firm Companie s like Starbucks that were on rapid growth signed leasews at the peak of the market and paid a premiumn for prime locations, Shumacher said. Now that sales have restaurateurs and retailers wantlowefr rent. Dallas-based jeweler Zale Corp.
ZLC) said May 27 it will seek rent reductions across much ofthe company’s portfolio and closed stores where the concessions don’t Pier 1 Imports (NYSE: PIR) said April 7 it has been workin g with its landlords to negotiate store rentao reductions and has been able to achieve $6 millionm in rental reductions for fiscal 2010. Dallas-basedr Blockbuster Inc. (NYSE: BBI) hired accounting and consulting giangt to help it negotiate with Blockbuster wants to reduce thenearly $400 million it pays annually in Big national retailers like Starbucks are vitaol to shopping centers because they draw consistenr foot traffic.
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