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Three stores and one restaurant to close in Mayfaire

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A number of national retailers are closing their store fronts at Mayfaire Town Center in Wilmington.

One restaurant and three stores have just closed or will soon be closing.

Main Street Cafe and Hair Color Experts closed on the end of December. Trade Secret and Kirklands will close their doors later this month. A spokeswoman for Mayfaire Town Center says this happens in the life cycle of a shopping center.

Most of the tenants signed five or 10 year leases. Mayfaire has been open for five years now, and while most of the stores have renewed their leases, a few stores chose not to. Trade Secret and Kirkland's have both struggled during the recession, and have had other store closings across the country.

Despite the loss of these retailers, Mayfaire remains 95 percent leased out. There is a new hotel opening there soon, as well as a new restaurant.

The Mayfaire spokeswoman says she hopes to have some exciting announcements in the near future.

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The reason so many

The reason so many businesses are leaving is because the rent at Mayfaire is so ridiculously expensive! Not only that, the annual CAM (common area maintenance) bill that each store gets is outrageous. i've heard stories that some stores/restaurants get a 10K bill annually. as long as Mayfaire continues to slap their tenants with such bills/taxes the entire place will be vacant w/in the next 10 years.