Haberdasher Latest Casualty Of Escalating Downtown Austin Rents

AUSTIN, TX -- A popular haberdasher has become the latest victim of ever-increasing property values, priced out of downtown Austin after a decade, a newspaper reported.

Chuck Haidet, managing partner of Keepers Menswear, told the Austin American-Statesman that his landlord alerted him of a 40 percent increase in monthly rental costs as he was prepared to renew his lease.

“I’d been cautioned that downtown rents were getting a little inflated," Haidet told the Statesman. "It’s never been my intention to work for the landlord.”

The upshot: An upcoming going-out-of-business sale, the layoff of a handful of employees and a full departure from the pricey central business district by July's end.

The store has occupied some pretty nifty real estate for ten years now, in the ground floor of the Bank of America Center at 515 Congress Ave. The shop was started 20 years ago, initially located at West 38th Street and North Lamar Boulevard, Haidet told the Statesman.

Ironically, Haidet moved his store to the downtown district at the request of civic officials trying to diversify and bolster the offerings there as part of the Downtown Austin Alliance initiative, he said. Now, he's been priced out -- the latest victim to fall prey to landlords capitalizing on the high demand of what is now a hot real estate market in downtown Austin and throughout the region.

“When we got here, there really wasn’t much in the way of downtown retail to speak of,” Haidet said of the time he was recruited to relocate his business to downtown. “We answered the Downtown Austin Alliance’s call.”

Read the full story at Austin American-Statesman >>

>>> Image via Keepers home page