M-M Couture opens in Miami’s Kendall Mall
Miami Beach, Fla. Terranova Corp. announced it has signed M-M Couture at Kendall Mall. The new 464-sq.-ft. fashion boutique is slated to open June 6.
The local retailer sells unique designer clothing and accessories.
Report: Starbucks demands 25% rent reductions
Seattle Starbucks is struggling to reduce rent levels, and is demanding that some of its U.S. landlords reduce lease rates by 25%, according to Bloomberg.com.
Starbucks reportedly sent letters to select landlords seeking rent reductions of 20% to 25%. The retail leasing division of Prudential Douglas Ellman is advising landlords to honor the request, the article said.
Rent-reduction efforts date back to January, an effort the chain hoped would help to slash overall expenses, Tara Darrow, a spokeswoman for the Seattle-based company, said in the article.
Charming Shoppes pursues rent reductions
Bensalem, Pa. In its quest to further slash operating costs and rebuild revenue, Charming Shoppes is focused on getting rent reductions from existing landlords, GlobeSt.com reported.
A disappointing first fiscal quarter has the chain focused on improving sales, but it still has stores that are not meeting financial goals.
Charming Shoppes is trying to create a cost-effective partnership with these locations’ landlords in hopes that by lowering rent levels, “and partner with us to keep that store open and help make us profitable,” James Fogerty, president and CEO, said during the retailer’s first quarter conference call Wednesday, according to the report.