I have a co-worker that swears by
//in a singleton \"Constants\" class
public static final String EMPTY_STRING = \"\";
in a constants class
As a tangent to the question, I generally recommend using a utility function when what you're really checking for is "no useful value" rather than, specifically, the empty string. In general, I tend to use:
import org.apache.commons.lang.StringUtils;
// Check if a String is whitespace, empty ("") or null.
StringUtils.isBlank(mystr);
// Check if a String is empty ("") or null.
StringUtils.isEmpty(mystr);
The concept being that the above two: