I just got my hair cut at my barber's shop. Without much hair left, it's a quicker visit in the chair these days.
I have been going to this barbershop for over 20 years. I was heartbroken today when he told me, "I have to close the shop because the Landlord is doubling my rent." It was only a few years ago, that he invested $30,000 of his savings into a complete remodel of his shop.
I gave him a hug, offered to help him move out in November, wished him the best, and went on my way. I walked down the sidewalk of the shopping center and saw four vacant spaces. Do they really need his 900 square feet?
What are landlords thinking? I have seen this cycle numerous times over the past 30 years. The late 1980's, early 90's, and 2008... Landlords make these moves thinking they can find replacement tenants for their spaces, and they remain vacant for months or more. Then, the landlord can't make their debt service, the bank takes it back, and the next buyer gets a discount.
I started my commercial real estate career with the best company in the world, as they always sought win-win leases and helped our tenants with rent reductions in times of need. We remained 100% leased in over a million square feet of Publix anchored shopping centers in the 1990's and early 2000's. And, our owners still earned A LOT of money.
Somethin's got to give y'all...
#notapopulartake #thisisreallife #momandpopshops #shortsighted #doomedtorepeat #letsgo
Sales Specialist @ Leith Automotive Group | Solution Selling
1moBenefactors of the destruction of an American icon.