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Starbucks to sell 16 central London leases

Starbucks UK is planning to sell 16 sites in central London as it looks to cut its rental bill.

GENERAL MERCHANDISE

Starbucks to sell 16 central London leases

Starbucks UK is planning to sell 16 sites in central London as it looks to cut its rental bill.

According to British Baker, the coffee chain has appointed commercial property agents CBRE to sell some of its leasehold units in the capital.

The news comes just weeks after Starbucks put three of its Oxford Street leases on the market as it concentrates on more upmarket, cheaper sites in locations off the main streets of the capital.

The latest leases to be put up for sale include stores on Wigmore Street, Villiers Street, Baker Street and a two locations on the King’s Road.

A Starbucks UK spokesperson, told British Baker: "As is the case in all retail businesses, we regularly review our store portfolio, and as a result we are continuously marketing a number of sites while simultaneously looking for new locations. Over the course of this year we anticipate our overall store count to continue to climb as we ensure that we have the right store portfolio, in the right places."

Earlier this year, Starbucks announced planned multi-million investment in stores across London including six major renovations and 70 refurbishments within the next few months.

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