Chain stores read fine print to reduce rents

As retailers continue to struggle amid the recession, chain stores are turning back to their leases’ fine print to find reason to ask for rent reductions. Many retail leases include cotenancy clauses, which allow tenants to ask for rent cuts or even to pull out without penalty if other key tenants leave a particular shopping center. Gap, Williams-Sonoma, and Ann Taylor are some of the stores looking to take advantage of these clauses, the Wall Street Journal reports. Chico’s has already saved $8.1 million by using cotenancy clauses and negotiating for other forms of rent relief.

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