[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]

Originally Posted by Bunny1

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]

Originally Posted by DARFAP

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]

Originally Posted by CFrance

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]

Originally Posted by BrianL99

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]

Originally Posted by charlie1

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]

Originally Posted by 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

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