An article on Palo Alto Online adds support for my suspicion that Kepler’s was stuck in a long, expensive, inflexible lease that was priced during the bubble days of 2000 or so.
An “inordinately high ‘pre-bubble’ rent structure” contributed to the financial crisis that forced Kepler’s Bookstore to close, David Johnson, Menlo Park’s business development officer, told City Council members in a late-morning e-mail today.
He said he is starting today on an “effort to find a suitable replacement business” for the central location on El Camino Real in downtown Menlo Park.
….
He said the city “worked with Clark Kepler to help him in seeking relief from an inordinately high ‘pre-bubble’ rent structure. No relief was granted.”
It seems like a group may have to form to buy both the bookstore and a retail space. I’m not sure whether it is even possible for an independent bookstore to survive in the current location on El Camino and Santa Cruz, which is owned by the Tan Group. The Tan Group refused to comment to the reporter from Palo Alto Online about the structure of its lease with Kepler. Here is the address and phone number for the Tan Group: 3630 El Camino Real, Palo Alto, CA 94306, 650.493.6500.
FRIDAY UPDATE: The Tan Group’s website appears to be down today. I wonder why.
Save Keplers!
Comment by Albert — 9/6/2005 @ 7:21 pm