Tuesday, February 27, 2018

Starbucks' Schultz: We're opening more stores because 'rents are coming down!'

Yahoo Finance

Starbucks executive chairman Howard Schultz has observed an “abundance of empty storefronts across” in prime locations in a number of U.S. cities.

“We are at a major inflection point as landlords across the country will be forced (sooner than later) to permanently lower rent rates to adjust to the ‘new norm’ as a result of the acute shift (consumer behavior) away from brick and mortar retailing to e-commerce,” Schultz wrote in a memo to his leadership team that’s been reviewed by Yahoo Finance.. . . more