Brothers, David and Albert Hannoush, owners of Hannoush Jewelers, are closing their Crossgates Mall location after finding success at their new freestanding store on Wolf Road in Colonie.
ALBANY COUNTY One of the few remaining original tenants of Crossgates Mall is leaving the shopping center after finding success a few miles away along another major shopping corridor in Colonie.
Hannoush Jewelers, on Saturday, Dec. 28, closed its original store in Crossgates after operating there since 1984 when the destination shopping center opened in Guilderland. The closing comes on the heels of the company opening its first freestanding store on Wolf Road in 2012. The 6,500-square-foot store in Colonie generated more sales during its first nine months than any of its other stores did in a year. Leaving Crossgates will save the business $20,000 a month in lease costs.
Brothers David and Albert Hannoush are co-owners of the family business founded by their father, Elias. David, 37, said he remembers working at his company’s Crossgates store with his brother, who is a year older than him, as a child.
“When I was 7 years old I was there polishing jewelry,” David Hannoush said. “We were young, but we were there cleaning glass.”
Hannoush said the business ended up competing with itself between Crossgates and Wolf Road. Their lease was also ending in May. The Pyramid Companies, the Syracuse-based company that owns Crossgates, agreed to break the lease early to make way for a “clothing realtor” to set up shop, according to Hannoush.
Even if the business stayed, he said it would have had to move locations and build a new store.
“The mall has been great to us and we had a lot of success there, but we have found tremendous success on Wolf Road,” Hannoush said. “My brother and I have been wanting to try something freestanding for a long time, but we knew location was going to be extremely important to success of the store. Wolf Road for so many reasons is the hub for the Capital District … you have to be at Wolf Road at some point or another.”