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Rising commercial rents in newly trendy areas are forcing some small companies to change not only where they do business, but also how they do it.
When Turchin Jewelry’s owners decided to leave Miami’s Design District rather than absorb a rent increase of $18,000 — more than triple what they were currently paying — they couldn’t find affordable retail space. They ended up in a suite in a building near a marina with far less pedestrian traffic. Now, instead of relying on retail customers they are becoming more of a wholesaler, marketing their artisan jewelry to other stores.
“We went from a mom-and-pop store to, how can we grow a brand and how long is it going to take?” Theresa Turchin said.