by Donna Marek; cultural affairs reporter
It’s not Beverly Hills, Folks!
The Downtown Boulder Pearl Street Mall has become a desirable location for various retail and other businesses. But, as buildings change ownership, the rents change, too. Out-of-area landlords may expect higher rent from retailers which, in many recent cases, causes the retailers to close and move shop!
Recently there have been several Pearl Street Mall businesses closing and moving because the rents topped at 10% increases or more. Some have opted to move to 29th Street. Several are still in their current locations with “for rent” signs glaring in their windows.
As to the outcome, we’ll wait and see. The cute boutique Chelsea near 10th Street on Pearl Street is moving and so is the T-Bar, upscale lingerie which moved from its original location on 9th Street and is now located on Pearl near 15th Street ! Some stores with internet sales can survive. Others can’t.
While out of town visitors may spend more here, residents are struggling along just like others in other parts of the country.
Increasing prices won’t gain more customers. So, anything on Pearl Street had better be a big “seller” or they won’t be here long. Restaurants, too, come and go for the same reasons.
What is the downtown management doing about it? Stimulating the economy in a secret way that brings additional retailers and customers to town? When so many events take up the spaces on the Mall and nearby streets, people do not frequent the shops more. Instead, they come for the events and leave.
So, Boulder’s high rent district is just that. It doesn’t seem to want to go away!
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