12.

LEASES

The Company leases all of its retail locations and certain office locations, distribution centers and equipment. The minimum lease terms for the Company's retail stores generally range from five to 10 years. Approximately one-half of the retail store leases are subject to renewal options for varying periods. The term of the leases for office facilities and distribution centers averages approximately 15 years with renewal options of five to 20 years.

At the time its retail facilities are initially leased, the Company often receives consideration from landlords for a portion of the cost of leasehold improvements necessary to open the store, which are recorded as a deferred rent obligation upon receipt and amortized to income over the lease term as a reduction of rent expense. In addition to minimum rental payments, certain of the retail store leases require contingent payments based on sales levels. A majority of the Company's retail operating leases contain provisions that allow it to modify amounts payable under the lease or terminate the lease in certain circumstances, such as experiencing actual sales volume below a defined threshold and/or co-tenancy provisions associated with the facility.

Rent expense for operating leases was:


($ thousands)	2011			2010			2009
Minimum rent	$	153,417		$	150,282		$	153,599
Contingent rent		408			314			298
Sublease income		(1,121	)		(299	)		(755	)
Total rent expense	$	152,704		$	150,297		$	153,142

Future minimum payments under noncancelable operating leases with an initial term of one year or more were as follows at January 28, 2012:

($ thousands)
2012	$	156,491
2013		130,179
2014		108,178
2015		88,296
2016		65,260
Thereafter		119,894
Total minimum operating lease payments	$	668,298