(Logo courtesy of capitolhillbikes.com)
Denise D’Amour, co-owner of Capitol Hill Bikes with Laurie Morin, told THIH today that she could no longer financially manage the three leases she held from building owner and landlord Margot Kelly, and that closing operations there was a “mutual decision.”
“She is not the bad guy here… She felt it was ‘all or nothing’ with respect to the three leases,” D’Amour said of Kelly. The issue was that D’Amour had wanted to scale back to the original footprint, but this wasn’t in the best financial interests of the landlord, who felt it was a bad business decision, according to D’Amour. The beloved bike store had expanded to include the former Alvear Studios space, but D’Amour said the economic downturn forced her to realize she could not support all three leases.
She said she will follow through on Kelly’s request to put a For Rent sign in the window. The store will be open until stock is liquidated but D’Amour hopes to save money on rent and have everything sold by the end of November, if possible.
As for the future, she says her “heart is in Capitol Hill,” although she lives now in North Beach. D’Amour says she is not looking beyond Capitol Hill’s borders at this time for a potential new space and is looking for investors.
“We expect to land on our feet,” D’Amour said, who, with Kelly, is on the board of Barracks Row Main Street.
North Beach? Where is that?
Comment from Barracks Row Main Street:
“We were sad to learn that Barracks Row is losing Capitol Hill Bikes. It is a great retail business with local ownership and unique product and service offerings. It has also been a staple business for Barracks Row for many years, and the only bike shop on Capitol Hill. Owner Denise D’Amour has been a supporter of Barracks Row Main Street by serving on the board of directors for several years. We realize that the economics of the street, with rising taxes and lease rates, have made it increasingly difficult to sustain a retail business, but we continue to support a healthy mix of retail on the corridor.”