Ask Me Help Desk - Shopping center is moving out

Hey there, sneezy here.

So, as many of you know, I currently own a restaurant here in the atl. Things are going OK, not too great, not too bad... hanging in there. My restaurant is located inside a shopping center, with a big grocery store as the "center" of it all. I just heard through the grapevine that the grocery store is moving out in 3 months... which means all the small businesses around the grocery store will suffer majorly.

What're my options? My landlord didn't tell me any of this, which means that he wants me to find out the minute the grocery store closes... I can leave, but that means I'll be taking a loss... I doubt I can sell the place within the limited 3 months time... especially with the market being the way it is...

Isn't my landlord somewhat required to tell me of this? I re-read the lease, and obviously, it has no connotation as to the requirements of the landlord regarding the grocery store.

Sneeze I am not an expert on legal matters as you know already.

But from my business sense I don't think the landlord has any legal requirement to tell you what he knows or knew before about this move.

I would try to talk with the management people at the grocery store and confirm what you have heard through the grapevine. I am sorry to hear this, I know how much work you have put into this already. But even if this is true (that they are moving) you may find out that some other company is moving in at some point. Or possibly it isn't true after all.

I understand that they are the 'draw.'

Stringer

Yeah, the rumors have been confirmed. The grocery store is moving out. The way things go, whenever a big grocery store moves out, usually a gym moves in... not sure why this is the trend, it's just what I've seen over the past year or so.

Even if the gym moves in, it'll take roughly 6 months to a year before they renovate the place, construction, etc.. . so I'm not entirely sure what'll happen... I guess we'll "wait and see"...

Quote:

Originally Posted by ISneezeFunny

yeah, the rumors have been confirmed. The grocery store is moving out. The way things go, whenever a big grocery store moves out, usually a gym moves in...not sure why this is the trend, it's just what I've seen over the past year or so.

Even if the gym moves in, it'll take roughly 6 months to a year before they renovate the place, construction, etc. ...so I'm not entirely sure what'll happen...I guess we'll "wait and see"...

You have some tough decisions sneeze, did you actually hear that a gym is moving in? Possibly something else will take over the space... can you wait to see what is going to happen for sure?

Sneeze, you realize (I know) that going to medical school is the way to go, no matter what happens with this.

I deal with a lot of doctors in my business since 80% of the businesses that we clean are medical. In my opinion, many doctors are not really good business people. Those, like you that have business experience and life experience are really successful not only in medicine but in their business investments. You are ahead of the curve my friend.

Stringer

Thanks Stringy.

My plan was to go to med school this August, and give my parents the business as a "gift"... but no, the fates wouldn't have it.

I have a meeting tomorrow with my attorney... which I assume he'll tell me, "your options are...1) leave. 2) stay."

If I leave, well... I lose all the money I invested. Granted, I can absorb the blow a little bit by selling the equipment. This is if, a big IF, my landlord will even let me leave.

If I stay, well, I think we all know that my business will fail.

D'oh!

Quote:

Originally Posted by ISneezeFunny

Thanks Stringy.

My plan was to go to med school this August, and give my parents the business as a "gift"...but no, the fates wouldn't have it.

I have a meeting tomorrow with my attorney...which I assume he'll tell me, "your options are...1) leave. 2) stay."

If I leave, well...I lose all the money I invested. Granted, I can absorb the blow a little bit by selling the equipment. This is if, a big IF, my landlord will even let me leave.

If I stay, well, I think we all know that my business will fail.

D'oh!

How long do you have left on your lease?