According to Bloomberg, Starbucks has notified some of their landlords that they are seeking a 20%-25% rent reduction. The article states:
“We’re taking advantage of the opportunity in as many cases as we can, We feel like it’s a positive program for us. Most of the landlords we’ve worked with have felt it is a mutually beneficial situation.”
Really? I bet most landlords just wish they would pay their agreed upon rent when they signed the lease. The problem is, who would replace them if they left with the high rent that Starbucks paid.
Here is the Bloomberg article
May 30th, 2009 at 2:16 pm
This makes sense to me. From what I heard, many of the leases that Starbucks signed over the past few years had unrealistically high rents.
May 30th, 2009 at 5:58 pm
very high rents.. I heard that the Guilford starbucks is either closed or is closing very soon. It was only open for a few years