Many empty shops at your local mall(s)?

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#1963674 25-Feb-2018 00:23

networkn:

Unrelated, but I took offices in a place that had been empty for 2.5 Years! I got a crazy good deal, but was an excellent tenant always paid my rent, looked after the place. Guy gets to rent review time sends me a 72% increase letter. Excercised my right to a market rent review, came back at 22%, said we would pay 21%. He declined, came back at 72% again. Looked around, found a place with 50m2 more space for $2k more a year than I was paying, told him I was leaving. Building sat empty for over a year before he filled it again, at $1K a year less than we were paying.

A mate had a similar experience with a commercial lease. Isn't it amazing how thick some of these landlords are? Yours lost a year's rent at a 22% increase on the previous year then rents it for less than he was getting in the first place.

driller2000

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#1963675 25-Feb-2018 00:24

Goosey:

bah, they said this when VCR tapes were made, they said this again when when laser discs and DVDs were invented, someone said this again when you could buy/download/stream movies online....

Theaters will only dissapear if the pubic stop demanding to see things on 'big screens' and treat such occasions as occasions.

This article says it has been happening for over a decade now:

http://www.businessinsider.com/movie-theater-attendance-is-declining-as-cord-cutting-becomes-more-popular-2016-9/?r=AU&IR=T

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#1963818 25-Feb-2018 12:15

cadman:

A mate had a similar experience with a commercial lease. Isn't it amazing how thick some of these landlords are? Yours lost a year's rent at a 22% increase on the previous year then rents it for less than he was getting in the first place.

They are playing off your cost of relocation against the increase in rent. A lot of these old timey landlords dont understand how easy it is to move a company that predominantly does things online so gamble and lose.

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#1963898 25-Feb-2018 15:07

cadman:

networkn:

Unrelated, but I took offices in a place that had been empty for 2.5 Years! I got a crazy good deal, but was an excellent tenant always paid my rent, looked after the place. Guy gets to rent review time sends me a 72% increase letter. Excercised my right to a market rent review, came back at 22%, said we would pay 21%. He declined, came back at 72% again. Looked around, found a place with 50m2 more space for $2k more a year than I was paying, told him I was leaving. Building sat empty for over a year before he filled it again, at $1K a year less than we were paying.

A mate had a similar experience with a commercial lease. Isn't it amazing how thick some of these landlords are? Yours lost a year's rent at a 22% increase on the previous year then rents it for less than he was getting in the first place.

As I said - landlords seem to prefer an empty building to less rent. It's bizarre.

When I worked in commercial letting in the UK, landlords sought to ensure they had no void periods wherever possible, working on the principle that some rent is better than no rent and someone occupying and maintaining the premises is better than paying Securicor to drive by every 2 hours...!

MikeAqua

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#1964442 26-Feb-2018 14:12

No mall in Nelson, but plenty of empty shops. A couple of chains that had stores in Nelson CBD and Richmond mall are consolidating into the Richmond site.

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#1967955 4-Mar-2018 16:47

Let me give everyone an update of the situation at WestCity.

Currently there are nine empty shops.

Latest addition of empty shop 1: used to be a Dickies outlet. Was a shoe shop before it.

Lastest addition of empty shop 2: next to Stewart Dawsons. I think it was a women's clothing shop.

This has been empty for years.... I think it used to call Amazon and sell sporty things.

This used to be a dollar / $2 shop. It is actually quite big, may be two shops combined. Been empty for years.

This is actually two shops. One on the left used to be a convenience shop. Can't remember what was the one on the right. The one on the right has been empty for a while

This one used to be Spark. Spark now moved upstairs.

Next to Japan mart. Used to be a $2 shop.

This one next to new Spark. Used to be Max or Sunglass hut?!

By the way, Westcity is filled with dollar shop / 2 dollar shops. There are at least five of them.

This is the latest shop just opened. Used to be a Flight Centre.

Retail is doing well.

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#1967964 4-Mar-2018 17:21

Geektastic:

cadman:

networkn:

Unrelated, but I took offices in a place that had been empty for 2.5 Years! I got a crazy good deal, but was an excellent tenant always paid my rent, looked after the place. Guy gets to rent review time sends me a 72% increase letter. Excercised my right to a market rent review, came back at 22%, said we would pay 21%. He declined, came back at 72% again. Looked around, found a place with 50m2 more space for $2k more a year than I was paying, told him I was leaving. Building sat empty for over a year before he filled it again, at $1K a year less than we were paying.

A mate had a similar experience with a commercial lease. Isn't it amazing how thick some of these landlords are? Yours lost a year's rent at a 22% increase on the previous year then rents it for less than he was getting in the first place.

As I said - landlords seem to prefer an empty building to less rent. It's bizarre.

When I worked in commercial letting in the UK, landlords sought to ensure they had no void periods wherever possible, working on the principle that some rent is better than no rent and someone occupying and maintaining the premises is better than paying Securicor to drive by every 2 hours...!

I have a friend who had a 5 1/2 day a week convenience store in a street full of nearby office workers. The landlord decided last year to hike his lease quite significantly, meanwhile the landlord across the road who had a store that had been empty for 12+ months was happy to have him so he packed up shop and moved across the road. Nearly 12 months on the old store is still empty.

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#1971236 8-Mar-2018 14:32

Smiths City at Bush Inn Centre in Christchurch is having an end of lease sale. I spotted two boxes of Panasonic Extra HD VHS-C (four packs) in the $1.00 bargain box marked down from $33.00! Also in the bargain bin were some S4 and S5 cases.

Anyway, they must have had those Panasonic tapes for a long long time. The boxes were in perfect condition, and unlike the photo I found, these ones were made in Japan.

Finding those tapes seems to lend credence to the view that Smiths City have tended to hold onto their tech stock for far too long!

amiga500

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#1971238 8-Mar-2018 14:36

This is what Wiki had to say about VHS-C (It was a popular format in the early 1990's not sure when it faded away.)

'VHS-C is the compact VHS videocassette format, introduced by Victor Company of Japan (JVC) in 1982,[1] and used primarily for consumer-grade compact analog recording camcorders. The format is based on the same video tape as is used in VHS, and can be played back in a standard VHS VCR with an adapter.[2] Though quite inexpensive, the format is largely obsolete even as a consumer standard and has been replaced in the marketplace by digital video formats, which have smaller form factors.'

esawers

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#1971255 8-Mar-2018 14:50

amiga500:

Smiths City at Bush Inn Centre in Christchurch is having an end of lease sale. I spotted two boxes of Panasonic Extra HD VHS-C (four packs) in the $1.00 bargain box marked down from $33.00! Also in the bargain bin were some S4 and S5 cases.

Anyway, they must have had those Panasonic tapes for a long long time. The boxes were in perfect condition, and unlike the photo I found, these ones were made in Japan.

Finding those tapes seems to lend credence to the view that Smiths City have tended to hold onto their tech stock for far too long

I believe Smiths City are being moved on by Bush Inn, because they don't think they are busy enough.

The countdown is turning into a farmers market, Briscoes is moving into the Liquor King site, and the Smiths City site is turning into 'kiosks'.

amiga500

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#1971259 8-Mar-2018 14:54

Bush Inn would be right about that I think, even with the end of lease sale on I only saw three people apart from staff in the shop. Hopefully the staff will get some hours at the central city shop.

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#1971272 8-Mar-2018 14:57

networkn:

Knowing what rentals are being charged at westfield malls and some of the lease conditions (you'd be horrified) it is absolutely amazing to me that anyone can make money in a mall, esp those with low-value items for sale. Having said that, two customers I have in malls seem to be creaming it even with some of the totally outrageous things they have been made to do by Westfield including being relocated with next to no warning or consultation, to a lesser area of the mall in a smaller shop for more rent including having to pay for their own fit out and moving costs. It's even worse at the airport, but again, profits can be HUGE.

Yup, probably 10+ years ago now, my boss at the time opened a small store in Westfield Pakuranga - it was in the outer block of shops, so not even part of the main mall. was charged an arm and a leg, couldnt put up ANY signage in the window without center management approval and HAD to be open 7 days a week.

After 6 months he asked to be closed on Sundays (business was dead on Sundays) - was denied. They only let him do it in the end because he was on very good terms with a particular brand owner who had contracts and stores in all the Westfields in Auckland and had to agree with the argument that because he wasnt part of the main mall, that he didnt get the traffic like the mall did.

About 7 months later he shut up shop as Westfield were putting up the rent and putting more restrictions in place.

XPD / Gavin

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#1971294 8-Mar-2018 16:14

I can still remember when The Warehouse first opened at that site at Bush Inn - I think it must have been 1995? Then Smiths City moved in when The Warehouse relocated to Blenheim Road.

I think The Warehouse site at Bush Inn was built on as an addition, but I could be wrong.

amiga500

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#1971341 8-Mar-2018 17:36

Talking of the airport there is a new shop on the ground floor that sells expensive shirts and trousers. One of their opening deals was 'Three shirts for three hundy'. (Their spelling!) I'm not at the airport all that often, but I have never seen anyone even browsing that shop, even at times when the ground floor is packed with tourists some of whom look very wealthy.

quickymart

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#1971355 8-Mar-2018 18:02

$300 for three shirts? Jesus...you could get 10 from Farmers for that much (or pretty close to it).

Speaking of Westfield, how many are left now? Albany and...?

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