A downtown Apex bookstore, Alleyway Bookstore, is closing its doors due to a 64% rent hike. The increase, which the landlord claims is necessary to bring the rent to market level, has made it unsustainable for the business to continue operating.

Rising Costs and Construction Impact

The rent hike is not an isolated incident, as other business owners in the area are also facing increasing costs due to rising insurance rates, maintenance costs, and new property taxes. A recent property tax increase from 35.6 cents to 37.35 cents per $100 of assessed value has added to the burden.

The ongoing downtown construction project, which aims to create a more pedestrian-friendly area, has also hindered sales for local businesses. The construction has caused a gravel path to be built outside the bookstore, deterring customers and impacting sales.

Concerns for the Future of Local Businesses

The closure of the bookstore has raised concerns about the future of local businesses in the area. With rising costs and construction impacting sales, many business owners are unsure if they can survive. The mayor of Apex, Jacques Gilbert, has reached out to landlords to discuss possible solutions, but so far, nothing has been finalized.

Business owners are hoping that shoppers will continue to support local businesses, despite the challenges posed by the construction and rising costs. The fate of downtown Apex remains uncertain, as the balance between supporting local businesses and allowing for growth and development is being weighed.

Original reporting: WRAL Raleigh — read the source article.