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Alexandria, KY, Business Closings

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Three businesses in Alexandria closing their doors in a two month period.

A long time food favorite of mine and many others closed it's doors a couple weeks ago.

Gold Star Chili gone. A sign that says-

"New location coming in 2019"

But with a new owner, new location, and a new building, it will never be the same!

 

Sonic closed last week suddenly. Can't say the food was ever great but loved the ice cream and slushes.

 

And like Gold Star, County Market is closing it's doors soon after serving the people of A-Town for over thirty years.

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All four Sonics in my area have closed in the last couple of years. As you said, the food isn’t great, but I do like their specialty drinks and they have some great deals with their app.

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County Market served the Alexandria area for 41 years, but has been "in decline" in recent years.

I will miss it since it was my "go to" supermarket.

Talking to the owner he said that no one in his family wanted to take over, and cited declining sales and high rent.

 

We are now left with Wal-Mart within the city and Mejier and Kroger/Crossroads on the outskirts. Kroger requires a left hand turn coming off of the AA Highway from Wilder, and additional traffic to get to and from the store.

 

I'm thinking most of us will choose Mejiers as our new primary food supplier.

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County Market served the Alexandria area for 41 years, but has been "in decline" in recent years.

I will miss it since it was my "go to" supermarket.

Talking to the owner he said that no one in his family wanted to take over, and cited declining sales and high rent.

 

We are now left with Wal-Mart within the city and Mejier and Kroger/Crossroads on the outskirts. Kroger requires a left hand turn coming off of the AA Highway from Wilder, and additional traffic to get to and from the store.

 

I'm thinking most of us will choose Mejiers as our new primary food supplier.

 

I heard a rumor they were trying to work out a deal on the rent, but I’m not sure how true that is.

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I heard they are playing somewhere around $1,000,000 in rent. That's nuts if true.

 

There is no way that’s true. Maybe 1/4 of that. I remember reading a while back about Toby Keith’s bar downtown and they were paying like $40k a month 77,000 sq Ft. CM is a little more than half that size.

Edited by HammerTime

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There is no way that’s true. Maybe 1/4 of that. I remember reading a while back about Toby Keith’s bar downtown and they were paying like $40k a month 77,000 sq Ft. CM is a little more than half that size.

 

Toby Keith's didn't have to rent the outside space as well (parking lot and such) That can double rent easily.

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There is no way that’s true. Maybe 1/4 of that. I remember reading a while back about Toby Keith’s bar downtown and they were paying like $40k a month 77,000 sq Ft. CM is a little more than half that size.

 

I've built and remodeled a LOT of retail buildings in the last 15 years. $5 per square foot per month is considered high end, and $3 or $3.50 per square foot per month is about average for something like a grocery store. Usually the parking lot is figured in as a site amenity and there is no additional charge, unless you're talking about a land-lease or a couple of other specific scenarios, which I can't imagine the Country Market having been in.

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I've built and remodeled a LOT of retail buildings in the last 15 years. $5 per square foot per month is considered high end, and $3 or $3.50 per square foot per month is about average for something like a grocery store. Usually the parking lot is figured in as a site amenity and there is no additional charge, unless you're talking about a land-lease or a couple of other specific scenarios, which I can't imagine the Country Market having been in.

 

So then the math says,

 

25K sq ft at $3 a sqft = $75K per month or $900K per year.

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So then the math says,

 

25K sq ft at $3 a sqft = $75K per month or $900K per year.

 

I will also say, though, I've seen rent go for as low as $0.90 or $0.95 per square foot per month if it's an older retail center. I can tell you for sure that none of the Peddlers Malls throughout Central Kentucky are paying more than a buck per square foot for the dumpy old retail buildings they're located in.

 

It's been a number of years since I was out that way on 27 last, so I don't know what the condition is of the retail center that the Country Market was located in, but I don't recall it being particularly fancy in any way.

 

One other thing, those are current-day lease rates. Depending on how long ago the Country Market negotiated their last lease, it could have been for considerably less than that.

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I will also say, though, I've seen rent go for as low as $0.90 or $0.95 per square foot per month if it's an older retail center. I can tell you for sure that none of the Peddlers Malls throughout Central Kentucky are paying more than a buck per square foot for the dumpy old retail buildings they're located in.

 

It's been a number of years since I was out that way on 27 last, so I don't know what the condition is of the retail center that the Country Market was located in, but I don't recall it being particularly fancy in any way.

 

One other thing, those are current-day lease rates. Depending on how long ago the Country Market negotiated their last lease, it could have been for considerably less than that.

 

I agree with all your saying. Commercial rent is whatever you can get someone to pay for a space.

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I just moved to Alexandria in June and have been to County Market a couple of times. Pretty good and super convenient in the new area where I now live. The development where I live is now about 50% to capacity and has older (empty nesters) folks primarily in the patio and town homes with young families primarily in the single family homes.

 

County Market was never packed when I went nor does it look like they are at other times. I can see why rent could be an issue if what I have seen in two months is true.

 

I believe a Planet Fitness is going in the plaza, but not in the County Market space. Planet Fitness will draw people, no doubt. Something will grow wth it just not sure what. I would think this area of Campbell county is growing, but I am not sure how fast. It will be interesting to see what the demographics will bring.

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