Piedmont will be losing its hardware store, but it will be getting another tenant in its place.
Glenn's True Value closed Monday morning but will reopen Thursday at 8 a.m. to start selling more than $300,000 in inventory in a liquidation sale that owner Steve Glenn said he expects to last about eight weeks.
Glenn said the store has had tremendous neighborhood support and was on track to have its best year ever this year, but a "better opportunity" has come along.
The deal has not been finalized yet so he cannot reveal the tenant for the roughly 9,000-square-foot space, but it's one that will pay higher rent.
And that's important, Glenn said. While he owns the hardware store, he's also an investor in the shopping center with a "fiduciary responsibility" to the other investors.
Glenn and his investment group bought the Shoppes at Piedmont at 1265 S. Cotner Blvd. in 2013 and did a $5 million renovation with the help of city tax incentives.
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He opened Glenn's True Value before the renovation project even began.
"We put that in there to start off the center because we had to fill space," Glenn said.
The shopping center, which was more than half empty when he bought it, is now fully leased, Glenn said, which makes him feel more comfortable closing the hardware store to facilitate bringing in another tenant.
He said he knows some neighborhood residents will be disappointed to be losing the hardware store, but he hopes they won't view the change as a bad one.
"It's really not a negative, it's really a transitional positive," Glenn said.