2nd Street can be expensive for not just consumers but also retailers that pay expensive leases. The ABJ is reporting that Austin Java and RunTex are working with the City of Austin to restructure their leases in order to help weather the economic storm.
From the article:
“The city said discussions with Second Street District leasing agents suggest that other retailers are also feeling the pinch of declining sales. According to the city, landlords are having to renegotiate leases and make temporary rent adjustments to help shops avoid closing down.”
Landlords, including the City of Austin, must be willing to renegotiate with retailers to avoid increasing vacancies becoming endemic to 2nd Street District. City council will discuss the issue this Thursday.