HEFTY RENT RISE MARKS END OF THE ROAD
OWNERS of a popular Gold Coast bicycle shop say they will close their doors after their landlord proposed a rent increase of almost 45 per cent.
Sheridan and Terry Bosworth have been running Storm Cycles on Golden Four Dr in Tugun since March 2011.
But they have launched a closing down sale and started looking for new jobs after concluding they could no longer afford to continue trading.
“We have, imminent, a
45 per cent rent increase,” Ms Bosworth said. “We either had to close or move and we don’t have it in us to move and re-establish the business in a new location.”
Ms Bosworth said the shop had done well during lockdowns caused by the Covid-19 pandemic, which helped spark greater interest in cycling. But they could not cover the proposed extra cost.
“We didn’t make squillions,” she said. “We certainly didn’t make enough to cover a 45 per cent rent increase six months later. There’s no way that our business can absorb that.”
Ms Bosworth said it would be a sad day when the doors closed for the last time, which she said would be by June 30 at the latest – or earlier if they sold out of stock.
“We’re very sad but at peace with our decision.
“We didn’t really have a choice – moving is too difficult. Maybe five years ago we would have entertained that.”