Meriden, CT Party City closing after a year open

[giantsfan2016]

The Meriden, Connecticut Party City is closing after a year open. They moved to the Townline Sqauare Shopping Center in Meriden from the neighboring Kohl's Plaza in Wallingford last year. Poor sales is the reason for the closing.

FROM MYRECORDJOURNAL.COM

Party City in Meriden closing after relocating from Wallingford last year

April 12, 2019 12:14PM
By Mary Ellen Godin, Record-Journal staff

MERIDEN â€" Party City is closing its store at Townline Square due to lackluster sales, the company reported Friday.

Merchandise has been marked down 20 to 40 percent and the company has put the space on the market to sublease for the remaining 19 years of its 20-year lease.

“Party City routinely evaluates our portfolio of stores in response to ongoing consumer, market and economic changes that naturally arise in the business,” a company statement said.  â€œAfter careful consideration, we have decided to close the Meriden, CT store location this spring. Party City customers in the area will still be able to find the products they love in-store at the nearby Party City locations in Southington (750 Queen Street), North Haven and Waterbury, as well as online through www.partycity.com.”

Bob Bowden of R. Calabrese Agency LLC, received a request from Party City to find a sublease tenant for the 12,500-square-foot store. Party City, which moved from the Kohl’s Plaza just south on Route 5 in Wallingford to Townline Square last year, has a lease until 2028, according to the listing on Loop Net.  

The chain, also known as Party City Holdco Inc. reported lower than expected fourth quarter results, according to its 2018 financial statement.  Revenues increased 2.4 percent on a reported basis, and retail sales went up 4.3 percent. Total gross profit margin decreased 20 basis points, due to freight and distribution costs, and increased commodity pressures, including higher helium costs.

In 2018, Party City Holdco opened 15 new stores, acquired 58 franchise and independent stores, and closed 10 stores. In addition to Party City, the company operates stores under the names, Halloween City, and Toy City, and e-commerce websites.

mgodin@record-journal.com

[mixedday]

Wow.  Just googling the plaza and there seems to be other national tenants like Marshall's, Michaels and Petsmart there. Why did it move from one plaza to another neighboring one and now want to call it quits?

[TRU7536]

Probably lower rent from the new landlord. The Newington Party City relocated from the Newington commons plaza around the same time to the Jo Ann Plaza as well. Same square footage, just changed after almost 20 years in the same plaza.

[Bdubs]

Party City is apparently having a rough start to 2019, there is a global helium shortage, and the vendor they were using left a lot of stores without any helium, and balloons are a big portion of their sales. I’m sure that hasn’t helped them.