ACE Looking to Share Space

Surviving in an ailing economy means creative thinking—which is why Caldwell's  is looking for a "shop-mate." The hardware store seeks a business with which to share its 17,000-square-foot Bloomfield Avenue location.

"Our idea is to ease the lease payments through splitting the space," said store manager John McDermott. "It would allow us to enact other cost-cutting measures while not taking away from the breadth of products we carry."

The spacious location features a prominent façade along the highly trafficked Bloomfield Avenue in Caldwell's business district. The location also features a parking lot in the rear of the building.

A prospective sub-leaser could end up with as much as 6,000 to 10,000 square feet of space.

"We are prepared to merchandise the store in any situation. There would be an adjustment period for our staff and our customers to the new layout," McDermott said.

While the floor space reduction could usher in a new retailer, there are concerns about the staffing of the ACE store.

"Our core full-time and part-time staff would not be in danger of losing the jobs, but we might not be able to hire several seasonal employees," said McDermott.

Knowing there is job security for current employees is a relief for McDermott, who said as many as five ACE shops have been forced to close during the economic downturn. 

The ACE Corporation has grown from its humble beginnings as a co-op of hardware stores looking to get the best deal on merchandise to a highly recognizable name in the industry. Many stores have long-standing relationships as the neighborhood hardware shop, as is the case in Caldwell.

But like many in the current economy, the corporation has not been immune. The shop has spent the past few years looking into the space sharing scenario as a way to stay afloat in these murky retail waters.

"We've experimented with several different floor plans and ways to ensure both parties have desirable retail space," McDermott said.

Not only will ACE be responsible for finding a suitable tenant, they will also have to work closely with their landlord and prospective new tenant to ensure all codes are met. The codes consist of workplace regulations and bathroom facilities both tenants would be required to have.

There's also the issue of a renovation to ensure both retailers would have exposure along the avenue, as well as a secondary entrance from the parking lot.

"It would take some work to have the place ready for two shops," said McDermott. "But we aren't opposed to getting it done and we're not even expecting to hold the most square footage of the property once another tenant is found."

One thing is for sure—Caldwell ACE is working hard to remain the neighborhood hardware shop.