Small Business

Interview with Plaza Cleaners

Johnny Mariakakis.letter to Council

Chapel Hill Businesses Wary of Ephesus-Fordham Changes, Chapel Hill News, Tammy Grubb, Feb 25, 2013

Excerpts from the article:

Merchants just south of Whole Foods are on different leasing schedules and said they know very little about what might happen in the next decade. They are worried about limited terms and possible rent hikes.

Mike Cash, owner of VIP Printing and Signs Express, said his lease was renewed through August 2015. He’s not sure what’s going to happen then to the store his father opened in 1981. Hair For You owner Kelly Cole and Yarns Etc. owner Mary Stowe plan to stay for now but said they would not be able to afford a hefty rent increase.

At Plaza Dry Cleaners, Sherry Duke said her mother, owner Brenda Honeycutt, expects to know by April what’s happening with their lease. About 15 people work at the store, Duke said.

Munana said Whole Foods and other merchants have long leases; he is working with five small retailers to extend ther leases through 2016, he said. Cash’s lease will be re-evaluated in 2015, and Lacock’s Shoe Store and Shoe Repair is renting by the month, he said.

“The heart and soul of our shopping center are our small retailers,” Munana said.

Rents kept lowVillage Plaza leases have been artificially low for years, said former owner Steve Ginn. His firm, Ginn & Co. Partners, sold Village Plaza to Florida-based Regency Centers in 2012.

“Merchants just south of Whole Foods are on different leasing schedules and said they know very little about what might rent hikes.

Mike Cash, owner of VIP Printing and Signs Express, said his lease was renewed through August 2015. He’s not sure what’s going to happen then to the store his father opened in 1981. Hair For You owner Kelly Cole and Yarns Etc. owner Mary Stowe plan to stay for now but said they would not be able to afford a hefty rent increase.

At Plaza Dry Cleaners, Sherry Duke said her mother, owner Brenda Honeycutt, expects to know by April what’s happening with their lease. About 15 people work at the store, Duke said.

Munana said Whole Foods and other merchants have long leases; he is working with five small retailers to extend ther leases through 2016, he said. Cash’s lease will be re-evaluated in 2015, and Lacock’s Shoe Store and Shoe Repair is renting by the month, he said. “The heart and soul of our shopping center are our small retailers,” Munana said.”

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