As retailers continue to make headlines with bankruptcy filings and liquidations, one major tenant is said to be predicting that if the current environment persists, it might permanently reduce its real estate costs.
The Financial Times reported details of a memo that Starbucks Executive Chairman Howard Schultz reportedly sent to the company’s staff, in which he shared views about the trajectory of the retail property market. Schultz reportedly told employees that the retail sector was reaching a point where landlords all over the country, including those who own prime real estate space, would need to lower rents as the shift from shopping in bricks and mortar locations to online eventually affects them, the newspaper reported. . . . more