Looks like the economy is finally taking its toll on the swanky East Hampton community.
According to the New York Post, retailers are having to close their doors for good because they can no longer afford the expensive rent.
A local real estate broker explains:
"The chains want an East Hampton store just for advertising, to be able to put it on their letterhead. They were willing to lose money to do that. But with the economy down, things have changed."
And with good reason! Some spots are costing some shop owners $200,000 a year in rent!
Renee Fertig, whi owned a spot of Main Street for 40 years says the change is depressing, saying "A few years ago, it was all mom and pops. Now these stores have taken over and they don't even stay open. It really hurts the rest of us."
Tags: east hampton, high rent, store closing