Aspen economy derails its retailers
Gone are the days when developers would at least pretend to listen to the will of the townspeople or the town itself, bringing forward a larger plan than ever intended, shrink it when opposition arose and end up with the project they wanted anyway.
Now we attract developers and real estate tycoons who don’t give a s— about the town or townspeople; proof of that lies no further than the lawsuits threatened against the town by these big retail operators and arrogant commercial landlords. We do not need pedaling of free lotion not many can afford (approximately $700 a jar), nor do we need Charif Souki telling us what will make him richer (no one cares, but we should care about Ajax Holdings threatening to sue to get its way; it owns a lot of town and just about every real estate listing up there).
The new restaurant space in the old Gap building is setting new greed records at over $80,000 a month. It’s virtually impossible to pencil that one out, but to keep the rent at 10 percent (4 percent too high for industry, but it’s Aspen and it makes for easy math) they need to do $9.6 million in sales a year, or $26,000 a day; not a lot of wiggle room for a long run in that space, unless you’re the landlord. Good luck out there to the local retailers, and thanks to the landlords helping them stick around with real rent!
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