CARY, N.C. (WNCN) – Around the Triangle, people are seeing their rents go up by several hundred dollars at renewal.

The increased cost to function in the area isn’t reserved for just residents, business are having to learn how to survive with increased operating costs along with increased rents.

Your Pie, a pizza restaurant with locations in Cary, Raleigh and Durham, announced it will have to permanently close its Cary location.

The location’s last day of operation will be Thursday. The Raleigh and Durham locations will remain open.

Owner Efrem Yates said he and owner of the 685 Cary Towne Boulevard could not reach mutually beneficial lease renegotiation terms.

Yates said in a statement:

“..With the changing circumstances around commercial real estate, inflation, and not being able to come to mutually beneficial terms on the Cary lease, we’ve had to make this difficult decision. Even though this one location is closing, I feel immense pride for our accomplishments. I’m grateful for our team members and the character-building experiences we’ve endured together.  Most importantly, I cherish the relationships and connections we’ve fostered while serving the Cary community.”

According to a June report from Alignable, a referral network for small businesses, a third of businesses said they couldn’t make May’s rent.

Along with that, 52 percent of small businesses said they have experienced rent increases over the past six months. Of those:

  • 18% say their rent is up by 10%-20% than it was just 6 months ago
  • 14% say it’s more than 20% higher than it was just 6 months ago

Beyond rent, an inflation report from the company found almost half of businesses say supply costs go up more than 20 percent. Meanwhile, only a third felt they’d fully financially recovered from the pandemic.

The closure of Your Pie in Raleigh isn’t all bad.

Yates has plans for new business ventures.

Yates has aspirations to open more brick-and-mortar restaurants. This fall, he also plans to launch a mobile food truck.

“Being able to meet customers where they are – including festivals, outdoor activities, and events – will be a gamechanger for businesses navigating this new environment. There are many exciting things to come,” Yates said.