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| Another Sign of the Times for Retailers | |
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| Tweet Topic Started: Jan 21 2009, 04:53 AM (103 Views) | |
| QuirtEvans | Jan 21 2009, 04:53 AM Post #1 |
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I Owe It All To John D'Oh
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Filene's Basement is closing a number of stores. The most interesting point is why. They sought to negotiate rent reductions with landlords, and were unsuccessful ... so they are simply closing stores. They aren't going out of business, or anything like that ... they're just closing stores where they can't lower the rent. http://www.boston.com/business/articles/2009/01/21/filenes_basement_to_close_11_stores/ You would think, with an empty Circuit City and an empty Tweeter within a mile or so of their Framingham location, the landlord would have figured out that it's not a good time to be a retail landlord. I guess not. I'm betting that building stays empty for a while. |
| It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010. | |
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| Larry | Jan 21 2009, 07:24 AM Post #2 |
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Mmmmmmm, pie!
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I learned years ago that commercial real estate management companies have no brains. They don't look at the reality of things - the only look at numbers on a piece of paper. In their way of thinking, they should get X amount per square foot, and they'd rather have it sitting on the books valued at 50 bucks a square foot but empty than have a good tenant in it paying 40 bucks a square foot. Strangest logic I've ever seen.. |
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Of the Pokatwat Tribe | |
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| Mikhailoh | Jan 21 2009, 07:26 AM Post #3 |
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If you want trouble, find yourself a redhead
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Makes very little sense. Market value for everything changes. Commercial real estate is about to take a serious dive. |
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Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball | |
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| brenda | Jan 21 2009, 07:46 AM Post #4 |
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..............
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They'll adjust. Or the next owner will. |
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“Weeds are flowers, too, once you get to know them.” ~A.A. Milne | |
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| big al | Jan 21 2009, 08:14 AM Post #5 |
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Bull-Carp
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That's it in a nutshell, Brenda. Big Al |
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Location: Western PA "jesu, der simcha fun der man's farlangen." -bachophile | |
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11:07 PM Jul 12