A longtime King Street retailer is pulling out of Charleston after the new year to consolidate operations in its Mount Pleasant shop.
Bits of Lace Fine Lingerie at 302 King St. will leave the city’s premiere shopping district during the first quarter of 2016 after 39 years, owner Ruth Brennan said Friday. All merchandise will be moved to the East Cooper shop of the same name at 453 W. Coleman Blvd., where Brennan is considering expanding the warehouse.
“That’s a great location with lots of parking,” she said. “It’s just across the bridge, and it’s right before you get to Shem Creek.”
Brennan wasn’t at liberty to say who will take over her longtime lease of the 2,000-square-foot Charleston shop, but she said her decision to leave is based on rising rents because of national retailers paying higher amounts to be on King Street and limited parking for customers.
“The biggest hurdle for local retail owners is that they are competing with national companies who are able to pay quite a large fee to rent space on King Street,” she said. “That has caused the lease rate to go higher and higher.”
The average rental rate for retail space in downtown Charleston is more than $38 per square foot, according to a report in November from commercial real estate firm Lee Associates. That’s about $20 more than the next highest market in the region, Mount Pleasant. The average rate is about $15 per square foot in the Charleston region.
Brennan also said more shoppers are turning to online and mobile options. She launched her website 10 years ago, and she plans to introduce a mobile van to take her product line out into the community.
“Retail is a constantly evolving business,” Brennan said. “At Bits of Lace, we pride ourselves on our ability to stay current and provide the service and products our customers want. We’ve had an incredible run at our King Street location and have made invaluable connections with countless locals.”
She added, “Focusing on our Mount Pleasant location and e-commerce site now, along with several other exciting new initiatives we have planned for 2016, will allow us to remain relevant while still local-minded.”
The store originally opened on Vendue Range in 1976. Brennan bought it in 2000. It has been at different locations on King Street since 1977.
Reach Warren L. Wise at (843) 937-5524 or twitter.com/warrenlancewise.
