REAL ESTATE

Sephora to open in Stonestown Galleria

BY CSA STAFF

San Francisco Sephora will open a store this fall in San Francisco’s Stonestown Galleria. Also opening will be Jade Galore Jewelry & Watch Co. and Chicken Now.

Sephora’s 5,864-sq.-ft. store will be located on the second floor next to The Gap. “It provides the perfect site for our distinctive store layout and the opportunity to showcase our latest merchandising innovations,” said Celia Wing, senior VP, Sephora real estate.

Stonestown Galleria is owned and managed by General Growth Properties.

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REAL ESTATE

Report: Starbucks demands 25% rent reductions

BY CSA STAFF

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.

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Charming Shoppes pursues rent reductions

BY CSA STAFF

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.

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