Pet Sense -Canal St Lake Sumter?

[Bunny1]

Went there to return item and store is totally empty?

[ElDiabloJoe]

Went there to return item and store is totally empty?
Empty as in not much stock, or empty as in completely vacated and closed permanently for business?

[Jayhawk]

Petsense
Pet supply store in the Villages, Florida

Permanently closed

[Bunny1]

Closed its door and no stock inside.

[villagetinker]

Went there to return item and store is totally empty?

I saw the replies, sorry that you have an item you cannot use. If it is still useable by others, try selling it here, or let me know if it is cat related.

[Tooker]

Another example of an exorbitant rent increase by TV and the result, a great business gone. Very sad. Their obedience trainer, Jane, is phenomenal! We will miss the store and classes.

[BrianL99]

Another example of an exorbitant rent increase by TV and the result, a great business gone. Very sad. Their obedience trainer, Jane, is phenomenal! We will miss the store and classes.

How do you know it was due to an "exorbitant rent increase" and not simply poor management or a corporate decision to consolidate stores?

[GoPacers]

And how do you know it's NOT due to "exorbitant" rent increases? I don't care either way, just wondering how you know?

[BrianL99]

Another example of an exorbitant rent increase by TV and the result, a great business gone. Very sad. Their obedience trainer, Jane, is phenomenal! We will miss the store and classes.

How do you know it was due to an "exorbitant rent increase" and not simply poor management or a corporate decision to consolidate stores?

And how do you know it's NOT due to "exorbitant" rent increases? I don't care either way, just wondering how you know?

Because the owner of The Villages is one of the smartest commercial real estate owners in the world and knows what rental rates are justified in his properties.

& I happen to know someone who was on the task force, that came up with the original concept for Staples & the Petco/PetSmart business model, back in the 1980's. I'm shocked PetSense lasted as long as it did, as that location never met the demographic or location parameters for that sort of store.

[retiredguy123]

I am never surprised to see a retail store go out of business. Almost everything they sell is available from Amazon for a lower price. This is true of most retail stores, including the large big box stores and grocery stores. Why would anyone shop at a specialty retail store when they can order the same product for a lower price from Amazon and get it delivered for free in one or two days? I pay for my annual Amazon Prime membership fee in savings within the first month.

[OrangeBlossomBaby]

Because the owner of The Villages is one of the smartest commercial real estate owners in the world and knows what rental rates are justified in his properties.

& I happen to know someone who was on the task force, that came up with the original concept for Staples & the Petco/PetSmart business model, back in the 1980's. I'm shocked PetSmart lasted as long as it did, as that location never met the demographic or location parameters.

PetSmart is actually in a great location. Because they do grooming right there and are surrounded by other strip-mall chain stores, a massage place, restaurants, and a veterinarian on site, you can drop the dog off for grooming, and walk to lunch, maybe pick up a doohickie decoration for your living room, get a pedicure, and never have to move your car out of its spot in the parking lot. I usually buy cat food at PetCo because that's as far as my golf cart is allowed to go, but whenever I walk across Rolling Acres for lunch at Chipotle or Brooklyn Water Bagels, I always stop at PetCo and visit the cats up for adoption, and pick up a can or two of whatever my cat likes.

People at Water Oak and other points south along 441 go there often as well.

[OrangeBlossomBaby]

I am never surprised to see a retail store go out of business. Almost everything they sell is available from Amazon for a lower price. This is true of most retail stores, including the large big box stores and grocery stores. Why would anyone shop at a specialty retail store when they can order the same product for a lower price from Amazon and get it delivered for free in one or two days? I pay for my annual Amazon Prime membership fee in savings within the first month.

Because I'm retired and don't feel like becoming a hermit, never leaving the house and ordering everything online instead?

I enjoy the social aspect of shopping, more than I like buying things. I like seeing other human beings, doing human being things. I also like the tactile nature of brick and mortar. I can see, touch, feel, smell things. In Ulta and Sephora, I can actually try the cosmetics and skin care right there on the spot, before deciding whether or not to buy them. I also like knowing that I'm helping LOCAL employees be employed.

I do buy from Amazon. Things I can't get in stores here, or that are easier and/or cheaper to get online.

I like the "adventure" of leaving my house to spend the morning shopping. It's also good exercise.

[Tooker]

Petsense is owned by Tractor Supply which is doing very well across the country. My information on why they left comes from multiple, very reliable sources. Tractor Supply tried for months to negotiate what they felt was a fair increase in their rent, but TV held firm, not only raising the rent enormously but requiring a larger percentage of their sales. Economically it made no sense for them to stay since they have two nearby locations. Their grooming business was booked months out, their obedience classes very popular, and their partnership with The Humane Society of Sumter County very successful in placing animals in new homes. I feel the store’s closing was a loss to many. Just my opinion.

[BrianL99]

Another example of an exorbitant rent increase by TV and the result, a great business gone. Very sad. Their obedience trainer, Jane, is phenomenal! We will miss the store and classes.

How do you know it was due to an "exorbitant rent increase" and not simply poor management or a corporate decision to consolidate stores?

And how do you know it's NOT due to "exorbitant" rent increases? I don't care either way, just wondering how you know?





Tractor Supply tried for months to negotiate what they felt was a fair increase in their rent, but TV held firm, not only raising the rent enormously but requiring a larger percentage of their sales.


So the owner and the tenant disagreed on what the rent should be and instead of taking the Tenant's offer, the owner decided he'd rather have it vacant?

Sounds to me like TSC/PetSense needs to improve their model and SPSF, if they want to be in The Villages.

[OrangeBlossomBaby]

So the owner and the tenant disagreed on what the rent should be and instead of taking the Tenant's offer, the owner decided he'd rather have it vacant?

Sounds to me like TSC/PetSense needs to improve their model and SPSF, if they want to be in The Villages.

Sounds to me like the younger generation of the Morse Family needs to recognize that the Town Squares are a niche market and they'll increasing vacancies if they keep jacking up the rent beyond what the market can bear to businesses that WANT to be in those locations.

Real estate, property management, leased properties, just like all other profitable endeavors, relies on charging no more than what your market can bear. The Villages holding llc has had to endure the COVID exodus, but they can't use that as an excuse for the vacancies that happened 5 years ago and STILL not filled. Especially on top of the vacancies that have cropped up in the last year or two, with no replacement in sight.

[Road-Runner]

I find empty storefronts to be more than a little depressing and from my experience empty stores beget more empty stores. If the squares are going to remain vibrant, The Villages property management should make every effort to keep their current tenants financially healthy and find new tenants for open locations.

[DARFAP]

Went there to return item and store is totally empty?
That particular store closed because the rent for the location was doubling. There are other Pet Sense stores in the area, like Ocala and Mt Dora I believe. They have a store locator on the web.

[BrianL99]

That particular store closed because the rent for the location was doubling. There are other Pet Sense stores in the area, like Ocala and Mt Dora I believe. They have a store locator on the web.

I'm not sure how anyone would know the terms of PetSense's lease, unless they were a party to the transaction?

I believe PetSense has been open about 5 years now? A typical Retail Lease would be for a 5 year term, with at least 1 or 2 Options to renew in 5 year increments, at a known rent. That would mean that Pet Sense would have known exactly how much their rent was going up at the 5 year mark.

Apparently, they weren't as successful as they thought they would be, hence they're not renewing their Lease.

The Developer is not responsible for PetSense not meeting their expectations and leaving, PetSense is responsible.

[CFrance]

[QUOTE=BrianL99;2421979]I'm not sure how anyone would know the terms of PetSense's lease,

The Developer is not responsible for PetSense not meeting their expectations and leaving, PetSense is responsible.[/QUOT

Apparently someone does know the terms of their lease, according to an earlier poster.

And as for the buy Amazon instead solution of another poster: Rather than buy and return several harnesses on Amazon till I got one that fit when our old-guy golden had to switch to one, I took him into Woofgang in Brownwood (hmm, a store on the square, how niche), where the people who know what they're doing fit him with one. When I needed some high-end specialty food, not only did they have it, they first sent me home with several samples. After he couldn't stand up long enough to be groomed, they jury-rigged a solution to keep him trimmed and clean.

You can't get that on Amazon.

[BrianL99]

Apparently someone does know the terms of their lease, according to an earlier poster.




Unless they work for The Villages Real Estate (which they won't for long, if they're posting information like that) or work for the Real Estate Division of TSC, it's merely speculation.

That said, it's not really relevant. TSC/PetSense obviously couldn't do enough business to support their rent factor. Not the first time, nor the last time that will happen to a niche brick & mortar retailer.

[charlie1]

I'm not sure how anyone would know the terms of PetSense's lease, unless they were a party to the transaction?

I believe PetSense has been open about 5 years now? A typical Retail Lease would be for a 5 year term, with at least 1 or 2 Options to renew in 5 year increments, at a known rent. That would mean that Pet Sense would have known exactly how much their rent was going up at the 5 year mark.

Apparently, they weren't as successful as they thought they would be, hence they're not renewing their Lease.

The Developer is not responsible for PetSense not meeting their expectations and leaving, PetSense is responsible.

Knowing retail leases, this is the way MOST leases are written. Also know that it is not uncommon for the lessor to take a percentage of sales. Usually varies by type of location, High traffic means more maintenance, and this is a way for the lessor to recapture the increased cost. I also know that lessors use a larger percentage of sales to help new stores build a clientele and will then offer a little cheaper rent during the first term of lease. This reduces the risk for the business. After the first lease term, the retailer will know if the location is a success before the actual rates are required and can make an informed decision on the lease renewal.

[BrianL99]

Knowing retail leases, this is the way MOST leases are written. Also know that it is not uncommon for the lessor to take a percentage of sales. Usually varies by type of location, High traffic means more maintenance, and this is a way for the lessor to recapture the increased cost. I also know that lessors use a larger percentage of sales to help new stores build a clientele and will then offer a little cheaper rent during the first term of lease. This reduces the risk for the business. After the first lease term, the retailer will know if the location is a success before the actual rates are required and can make an informed decision on the lease renewal.

& that is likely exactly what happened in the case of PetSense. The Developer likely offered in an incentivized rate for the 1st term, so PetSense could find out if the location would work for them. Turns out it didn't.

TSC is generally a fairly good operator. I'm sure they suspected the location would be marginal for their PetSense model, but the Developer probably gave them an "into rate", so they gave it a go. I think the "fit up" costs of a PetSense are fairly nominal, so it was probably a good gamble for them.

[asianthree]

Considering even a simple retail agreement contains a confidentially clause, legally it’s never worth revealing any information of negotiations with any developer. In TV or any other state.

I have zero knowledge of our son’s 5 restaurant agreements, his discussions for a location in Ocala, or the interest in a TV location.

Equally our children didn’t have any knowledge of our commercial rental agreements.

I highly doubt anyone on TOTV with personal knowledge would disclose information of lease agreements with TV commercial department. Much less post on a public forum why they chose not to renew

[Bogie Shooter]

Considering even a simple retail agreement contains a confidentially clause, legally it’s never worth revealing any information of negotiations with any developer. In TV or any other state.

I have zero knowledge of our son’s 5 restaurant agreements, his discussions for a location in Ocala, or the interest in a TV location.

Equally our children didn’t have any knowledge of our commercial rental agreements.

I highly doubt anyone on TOTV with personal knowledge would disclose information of lease agreements with TV commercial department. Much less post on a public forum why they chose not to renew

But, but the experts………..on everything!