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Malaprops
A
downtown institution, this nationally recognized independent bookstore
called "the best little bookshop in the Southeast" by Peter
Jennings. By the mid-90's, the owners and staff of Malaprop's were growing
increasingly concerned with their ability to compete with big box bookstores.
Rumors that one of the large chains was looking at locations in downtown
Asheville brought Malaprop's to Public Interest Projects. Malaprop's knew
they needed to expand in order to compete and were interested in taking
a portion of the Haywood Street commercial space in the Asheville Hotel.
PIP felt strongly that Malaprop's needed to take the entire space, but
Malaprop's was concerned that new sales wouldn't support such a significant
expansion. Public Interest Projects bet on the Bookstore and its space.
A flexible lease and sliding rent scale protected Malaprop's if sales
didn't increase to support the larger store and accommodated the cash
flow requirements of the business. Malaprop's Bookstore tripled its space,
Public Interest receives a fair rent and all of us benefit from the presence
of one of this country's finest independent bookstores.
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