Lost lease forces Southgate Coins to close Reno, Nev., storefront

Second time in 15 years that the numismatic couple has lost a lease
By , Southgate Coins
Published : 12/14/16
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Rusty and Marie Goe from Southgate Coins in Reno, Nev., issued the following saga of their being forced to close their storefront because the landlord chose not to renew their lease, which expired at the end of November.

When a landlord of a shopping center informs a tenant that his or her lease will be terminated, that tenant’s fate is decided: it’s time to go. This is the course Rusty and Marie Goe, owners and operators of Southgate Coins in Reno, Nev., since 2001, must take. The Goes lost their lease because their landlord, Basin Street Properties, found another tenant who would lease more space and pay a higher rent-rate than the Goes would lease or pay.

Rusty Goe said that he and his wife, Marie, had not planned to close their popular coin shop in such an abrupt fashion, but that they had no choice. “We had heard rumors for the past year and a half that a Dental Management Services Organization (DMSO) called Absolute Dental wanted our space and the space next door to us,” said Rusty Goe. “But it wasn’t until early August this year that our landlord, Basin Street, sent us an email notifying us that they would not renew our lease when it expired at the end of November.” The news disheartened the Goes.

Marie Goe said that if the perfect space located somewhere on South Virginia Street’s southern corridor had become available, they would have considered setting up a new store.

“But since we are already near retirement age,” said Marie, “it doesn’t make sense for us to go to all the trouble and expense to set up a new store.” She says it takes considerable effort and cost to build out a coin shop that would replicate their current store.

“Just to have the basic facilities we have now, with all the security systems (and safes) we need, so we could provide our customers with the services they have come to expect would require a substantial investment of time and money on our part,” Marie Goe said. “When we were younger we met such challenges with vigor; but now we aren’t as adventurous.”

The Goes moved their rare coin business from Las Vegas to Reno in 2001. Marie remembers that it took months to find the right location for their store in Reno and that the process of building out their store to meet their needs “was exhausting.”

Business soon increased beyond the Goes’ expectations, and within three years of establishing their Reno-based business they more than doubled the size of their store. The 2004–2005 remodel took five months, and was “very costly,” said Marie Goe. “But we were happy with the results.”

But that was more than 11 years ago, and, according to Marie, “We don’t have the energy to go through a similar experience today.” Additionally, she said, “We don’t have as many working years ahead of us as we did back then.”

The Goes would have preferred to work in their existing coin shop until 2021, which would have allowed them to celebrate their 20th anniversary of operating Southgate Coins. By then, they would have tried to find a buyer who could have taken over the turnkey business. But their landlord had other plans.

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