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.
CBL retained to represent Patriot Place
Chattanooga, Tenn. CBL & Associates Properties announced it has been retained by NPP Development LLC, an affiliate of The Kraft Group, to partner with Strategic Retail Advisors in providing landlord representative and consulting services for Patriot Place, the more than 1.3 million-sq.-ft. retail, dining and entertainment destination located in Foxborough, Mass.
The center is located adjacent to Gillette Stadium, home of the New England Patriots, and features a collection of stores including New England’s first Bass Pro Shops, as well as Puma, Hollister, EMS, Aeropostale, Victoria’s Secret and Old Navy.
In addition to the retail and restaurants, Patriot Place also features Showcase Live, National Amusements Cinema de Lux and The Hall at Patriot Place presented by Raytheon, an interactive museum celebrating the history of the New England Patriots and football in New England.
American Eagle cuts deal for Middle East stores
Pittsburgh American Eagle Outfitters has signed a deal with a company that will start putting franchise locations in the Middle East as early as next year, according to the Pittsburgh Post-Gazette.
M.H. Alshaya Co. in Kuwait, which said it already operates stores under brand names Justice, Claire’s and H&M, is slated to open the first American Eagle franchise location in the Middle East in early 2010.