Is closing inevitable?
5 replies (most recent on top)
I've been in all the situations. One time we put up the space for lease sign in a millennium concept store. The idea was to sublease have the store and make a profit. There were only two Millennium concept stores. So we were an odd ball. We could not find a dollar store to lease half of the building. We had 27,000 sq ft and we're doing less then $4m. We switched to a combined front end Hudson concept and have since closed.
We played hard ball on another lease. Wouldn't do any repairs to the building, went to half lighting. All a ploy to get a lower lease. We signed a 10 year lease at a good rate.
We had a profitable store slated for closure, because the anchor closed up. That for lease sign went up early.
We have had surprise closings. Oh look LP is here. Wonder if we will have an audit. Nope, store closing. No sign, no warning.
Also have had a store were we needed to beg with DM to find out if we were staying open when the sign went up. He finally broke he news. Most stayed until the closing as respect for letting us know early. We found other jobs and they respected us wanting to have closure on our tight knit group.
Does anyone if the peru illinois location is closing?
Yes your store is being shopped around by the buildings owner. They know something you don't. Staples has told them they are not going to re-up on the lease. In normal times this would be called negotiation. However these are not normal times and the most likely interpretation is the lease holder has been told there will be NO lease renewal. In short BYE BYE Staples. The end date on the lease is also not a prediction of when they might close you. For example your lease is up April, but you historically lose lots of money in the first six months of the year ( a common situation), Staples may happily close you in Jan. Save the loss and pay the rent and still come out ahead.
The life of a renter
I would have to say closing is inevitable, unless they care to relocate in the area and find a better deal on rent. Even profitable stores can face closure if the landlord plays hardball when the lease comes up for renewal.