As a store manager you are considering a new property to expand your operations. A developer is in the process of building some additional store space that would be within the right rent range for your store. A 10,000 square foot facility could be leased for $10 per square foot per year, and a 10-year lease would be required. Additional fixed costs of operations besides the lease payments would be $4 per square foot. The cost of goods sold at the store has been consistently 60% of revenues but the new facility would increase cost of goods sold by 15%; that is, if the percentage of cost of goods sold to sales was 60%, a 10% increase would change this the percentage to 66% (60% 1.10). Additional variable costs of 10% of sales are also expected. What is the breakeven amount of revenues that the new store must achieve?

The answer is 666,667. Please explain all the steps.