Tuesday, November 25, 2014

Radio Shack in Great Road Shopping Center has Closed

The Radio Shack located in the Great Road Shopping Center at 331 Great Road is now closed. A sign on the door is advising customers to visit the Burlington location in the Burlington Mall.

While the store seems to have closed suddenly, the space has been listed for rent for the past few months and Radio Shack is currently closing a large number of existing store.

This closure comes a little over 2 months after Mattress World, which was located right next to Radio Shack, closed.

As far as other changes in the Great Road Shopping Center. The space currently occupied by Sparta is listed for rent, although it's has been listed for about 3 years now. Staples is expected to close about 170 of it's 1850 stores across North America in 2014 including 30 stores before the end of the year. Staples has not released a list of stores that it plans to close so it's unknown if the Bedford store will be one of them. Finally, Salem Five Savings Bank which is located adjacent to the Shopping Center is expected to open around December 10th.

Finishing touches are ongoing at the new Salem Five Bank


Anonymous said...

I've heard that the tyrant of a landlord requires renters to pay him 5% of their yearly income as well as the rent.. is this true? Has anyone else heard this? If its true no wonder the shops are dropping like flies.

Adam Schwartz said...

Hi Anonymous,

From looking at the rental listings they are listed as Negotiable. In most cases the rental rates are triple Net (NNN) which means the tenant is responsible for upkeep, property taxes and insurance. For some shopping centers the lease terms include a single digit percentage of the gross sales. When this is done it usually kicks in above a predetermined revenue target. Since the rental rate is usually fixed for the term of the lease which can be as long as 20 or 30 years, this provision provides the landlord with a hedge against inflation. Please click here for an example of how percentage rent usually works.