Rite Aid, newsstand shuttered. What will replace them?
ABOVE THE FOLD, the iconic newsstand on Larchmont Boulevard, closed after decades.
One of the largest retail spaces on Larchmont Boulevard now lies vacant. Rite Aid, a national pharmacy chain, closed July 27 after the company declared bankruptcy. Along with its closure, Above the Fold newsstand shuttered, since their space was contingent on Rite Aid’s lease.
The property’s owner, Ron Simms, of Simms Commercial Development, already hired real estate company Newmark Pacific to lease the expansive property. Newmark designed a splashy digital brochure with potential plans to divide the 12,000-square-foot space. In the proposed designs, the retail space extends to the sidewalk, mimicking the rest of the Boulevard.
There is no mention as to whether Simms would provide the construction or if the tenants would be responsible for that.
There also is no mention of what leasing the space would cost. The Chronicle reached out to the Newmark Pacific realtors as well as Simms and had not received a response from either by the time the paper went to press.
The following is a letter the Chronicle received:
Missing the newsstand
I’m writing to you as a 40-year resident of the area and longtime Larchmont denizen and reader of the Chronicle. I was appalled to hear of the closure of Above the Fold, the newsstand on Larchmont Boulevard. I immediately felt that the landlord had no idea of how strong the customer base was for the newsstand, which is why I led the charge with a petition urging the landlord to reconsider the fate of the newsstand.
The newsstand had been there at least 45 years, perhaps more. It was a true mom-and-pop business. Because there are so few newsstands left in Los Angeles, it was an important resource for many publications, particularly European journals and magazines. For instance, I was recently talking to the editor at Eye Magazine—an international design journal in London—and they knew all about Above the Fold.
I started the petition on Change.org asking for the landlord to let the newsstand continue to operate, even though Rite Aid was leaving. It yielded more than 3,600 signatures. I’m not sure that newsstand owner, Brian Jang, realized how much good will there was for his small business. People think of it as an important resource, particularly for the creative community in and around Hollywood. Jang said design magazines of all types made up the majority of his sales.
I just could not sit back and see the newsstand disappear! The Beverly Hills landlord was non-responsive to the petition and the business has closed. In Japan, citizens would consider it “an intangible cultural asset.”
Lorraine Wild
Huntington Beach
Editor’s Note: After the paper went to the press, the Chronicle learned that Above the Fold was compensated by the landlord for having to leave its location on Larchmont Boulevard. The newsstand’s lease was contingent on Rite Aid occupying the space. Brian Jang, owner of Above the Fold, is grateful to the landlord for his kindness and understanding. Jang hopes to find a new location in the area.
Category: Real Estate
