9. LEASES

The Company is party to non-cancellable operating leases. Store leases generally have initial lease terms ranging from five to ten years with renewal options on substantially the same terms and conditions as the original leases.

The Company leases retail space in Port Washington, Wisconsin from SPW, an entity that is owned by the majority shareholder of the Company. The lease expires in December 2023 and is accounted for as an operating lease. The Company has the option to renew the lease for one additional five-year period under substantially the same terms. The lease provides for base monthly payments of $10,600 beginning in October 2013 and effective January 2015, monthly payments increase by 2% annually. As of January 31, 2016, the base monthly payment was $11,000. Rental expense was $0.1 million for both fiscal 2015 and fiscal 2014 and $0.09 million for fiscal 2013.

Future minimum lease payments under the non-cancellable operating leases are as follows as of January 31, 2016:



	Related
Fiscal year	party		Other		Total
(in thousands)
2016	$	128	$	1,765	$	1,893
2017		142		1,909		2,051
2018		145		1,877		2,022
2019		147		1,844		1,991
2020		144		1,818		1,962
Thereafter		435		10,192		10,627
Total future minimum lease payments	$	1,141	$	19,405	$	20,546

Total rent expense under non-cancellable operating leases were $1.7 million for fiscal 2015 and $1.2 million for both fiscal 2014 and fiscal 2013.