A local record store is closing after the owner faced an astronomical rent increase.

Vinyl Vibes, a staple on 176th for more than eight years, is closing near the end of January because of a $4,300 increase in rent.

Owner Adrian Clements said t0 sign his new lease, he had to agree to a 172 per cent increase. He was paying $2,500 a month and was notified at the beginning of December his rent would increase to $6,800 per month.

鈥淭he lease came up and the landlord wanted to almost triple the rent,鈥� Clements said. 鈥淭hey said it was way below market value.鈥�

Clements explained that he doesn鈥檛 even make that in a month and can鈥檛 possibly pay it. As such he鈥檚 shutting down the record shop sometime around Jan. 26.

鈥淚 was prepared to go up to $4,500, but they wanted more.鈥�

For Clements, it鈥檚 bittersweet. He鈥檚 a glass-half-full guy and sees this obstacle as an opportunity.

鈥淚鈥檓 leaving retail,鈥� he revealed. 鈥淚鈥檝e been doing retail for most of my life and with the way rents are getting, there鈥檚 just not enough income for us retailers anymore.鈥�

About six months ago, Clements opened an online auction site鈥擜ce Auctions鈥攖o help supplement his income. Now, he says he鈥檒l be throwing all his energy into that business now that he鈥檚 leaving the retail game.

And rather than dwell on the enormous rent increase and the loss of his business, he鈥檚 come to terms with his new reality and is excited to start a new chapter of his life.

鈥淲e鈥檝e decided to go to a warehouse, much cheaper rent, and we鈥檒l just be doing online auctions.鈥�

With Ace, he鈥檒l throw all of his record inventory up there at different times and auction it all off.

鈥淭he auctions are all timed auctions,鈥� explained Clements. 鈥淲e have a weekly auction that starts ending at 5 o鈥檆lock and then every 30 seconds a new lot ends.鈥�

He said all the bidding starts at $10 for each 鈥渓ot.鈥� Sometimes a lot represents a single item and sometimes it is a big group of items.

Clements has many antiques and other collectibles along with general items, such as liquidations, overstock, store closures, among many other things.

He said it鈥檚 been an emotional experience for him going through the process of deciding to close down the recond shop.

鈥淚t feels like home here,鈥� he added. 鈥淚 spend just as much time here as I do at home. It鈥檚 a home away from home. But, I guess, it鈥檚 time to move on.鈥�

For more info on Ace Auctions, , or email Adrian at contact@aceauctions.ca.