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January 27, 2009

Brooklyn Chamber: Business Outlook "Generally Grim"

williamsburg-industrial-park-0109.jpgThe Brooklyn Chamber of Commerce just released the results of its business sentiment survey and, not surprisingly, the findings ain't pretty: The study "uncovered a generally grim outlook on the economy for 2009 and on Members’ feelings about business for the coming year," according to a press release yesterday. Half of businesses in Brooklyn saw revenues remain flat or decline in 2008, and more than 40 percent were negatively affected by the tightening credit markets last year. “There is a lot of uncertainty out there,” said Carl Hum, chief executive of the chamber, told Crain's. “Even businesses that aren’t expecting falloffs are scared out of their wits. They’re just waiting for the other shoe to drop.” And as for the proposal to add tolls to the East River Bridges, more than two-thirds were against it.
Photo by brandonzwa




Posted by Brownstoner at 9:00 AM | Comments (15)
Categories: Market

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It's a good thing we live in "recession-proof" NYC, huh?

This is going to be an ugly year. Lots of small businesses will fold, lots of larger businesses will cut back, and a lot of people who've never had to file for unemployment before are going to do so for the first time. I hope I'm not one of them, and my sympathies to those who've already lost their jobs or their businesses.

Posted by: cwbuecheler at January 27, 2009 9:17 AM

i cancelled my sweet sixteen x 2 birthday this february because of the recession. i can't afford it and neither can most of my friends. it's going to be bodega 40 ounces and nintendo wii at home for it. :-/

but i do see how crappy most businesses are doing.

stores that fer SURE will fold in the next few months:
-overpriced designer boutiques that carry two articles of clothing and pay 5000 a month in rent.

-unnecessary over priced frozen yogurt shops every other block in the middle of winter.

-most restaurants except the staples

most of the above stores, while they provide opportunity and employment, are nothing but fluff and schlock to begin with. recessions can be looked at society paring down on what is truly necessary and what is just stupid anyway.

recession proof businesses:
liquor stores, nail and hail salons, bodegas & fauxdegas,

while i don't visit the second one of those recession proof businesses, everything else i do frequent will survive.

i started out poor before Depressions 2.0 and i'll finish it that way. i do feel bad for people who went from the top to the bottom or the middle to lower middle, but you still have to realize that we don't need most of the crap that is out there anyway.


*r*

Posted by: PitbullNYC at January 27, 2009 9:31 AM

"-unnecessary over priced frozen yogurt shops every other block in the middle of winter."

Rob,do you know if that is what happened to OKO on Fifth Ave? I was riding the bus yesterday and saw that they were closed and had brown paper covering the windows. There was a sign on the door but the bus was moving too fast to read it.

Posted by: InsertSnappyNameHere at January 27, 2009 9:49 AM

I was talking about just that with MM the other day, Rob. I shudder to think that we made China an economic giant by quenching our thirst for endless knick knacks and gee gaws for the most part. Our desire for the cheapest prices no matter how much money we had let China suck the life out of economies all over the world. Not to sound like some conspiracy theorist or anything like that, but we helped to screw ourselves. I'll be poor no matter what but I can't feel sorry for the people who had so much disposable income and then flushed it down the toilet on ego stroking, over the top and useless "luxury" items.

Posted by: bxgrl at January 27, 2009 9:56 AM

This is exactly what happend in the early 90s (and none of you "youngsters" wanted to hear it -- "things are different now!"). We had expensive kids' clothing stores (maybe $30 for a tee not $55+ like now) and places to buy expensive clothes, take-out food etc. Then they closed. And it took a long time for things to get back to where they were -- and then beyond in the last 5 years. I really feel sorry for all those shops that just opened but you have to wonder -- what were they thinking? All those young couples pushing expensive strollers change their buying habits when they have the second child and may need a bigger apartment -- or one loses a job -- or one decides to stay home with the children either for financial or other reasons. Then being able to buy $500 pumps within a few blocks of where you live is a lot less important. And spending $60 for takeout for 2. Life's priorities change.

Posted by: BH76 at January 27, 2009 9:56 AM

hmmm i have no idea. what street is that on fifth avenue? clearly these people don't know a lick about business if they think people are really going to plop down 7 dollars for a tiny cup of frozen plain yogurt in the middle of winter. poor people can't afford that and rich people are rich because most of the time i think they know what is a waste of money and the middle class probably frowns upon yogurt with funny names anyway.

i've noticed hardcore that businesses in prime soho where i work are hurtin baaaaaaaaaaaaaaaad. there are a ton of new large storefronts shuttered for months now. most big chains would go in these i guess but are big chains still opening things up? what happens in situations like this, do landlords just divide u p the space and allow smaller businesses or do they just let it remained shuttered?

soho used to be jam packed with shoppers, you couldnt even move on the corners of prince, spring, and broome without bumping into someone and their 20 shopping bags. now the only places that seem to packed are starbucks with people just sitting there drinking coffee on their computers. stores just seem completely empty.

and national wholesale liquidators closed down here. one of my fav. stores to get cheap stuff :(
*r*

Posted by: PitbullNYC at January 27, 2009 10:02 AM

-Brooklyn Bridge Park on hold.
-AY A-WRAP.

***Bid half off peak comps***

Posted by: Brownstones Half Off at January 27, 2009 10:06 AM

Big chains are cutting back on store openings as well. Whole Foods has been well publicized.

Posted by: daveinbedstuy at January 27, 2009 10:08 AM

Rob, Oko is on 5th near Douglass.

Something funny I found online the other day about supporting our slouching economy & China:

"Economic Stimulus Payment

This year, taxpayers will receive an Economic Stimulus Payment.
This is a very exciting new program that I will explain using the Q and A format:

Q. What is an Economic Stimulus Payment?

A. It is money that the federal government will send to taxpayers.

Q. Where will the government get this money?

A. From taxpayers.

Q. So the government is giving me back my own money?

A. Only a smidgen.

Q. What is the purpose of this payment?

A. To improve consumer confidence, and get people to start buying things again.

Q. How does this help the economy?

A. When consumers are buying things, then businesses have to employ more people, thus ensuring the continued flow of payroll taxes and other taxpayer money to the government, so they can distribute more taxpayer money.

Q. Am I allowed to save the money into a bank?

A. You are legally allowed to do so, but if you do, you are a Bad American because you're not stimulating the economy. If the government could figure out a way to make saving illegaly, they'd do so. Already, the US government is the only one that taxes earnings on savings.

Q. What things does the government predict people will buy with the stimulus money?

A. The government predicts increased sales of high-definition TV sets, new computers, video games or other consumer technology.

Q. But isn't that stimulating the economy of China ?

A. Shut up."

Posted by: InsertSnappyNameHere at January 27, 2009 10:09 AM

Actually if you look at the figures as to who pays what percentage of federal income tax, and then consider the income-limit that excluded ceratin taxpayers from the stimulus payments, its not so simple to say the people who paid the tax got it back.

Posted by: dittoburg at January 27, 2009 10:15 AM

Snappy, do you have a link to that...I'd love to forward it to friends; without copying and pasting it from here.

Posted by: bayridgegirl at January 27, 2009 11:08 AM

Here you go BRG:

http://xcolony.com/x/showthread.php?p=9543#post9543

Posted by: InsertSnappyNameHere at January 27, 2009 11:12 AM

"soho used to be jam packed with shoppers, you couldnt even move on the corners of prince, spring, and broome without bumping into someone and their 20 shopping bags. now the only places that seem to packed are starbucks with people just sitting there drinking coffee on their computers. stores just seem completely empty."

And Canal St is looking very bad now...

Welcome to the Great Depression 2 Dumbasses...

The What

Someday this war is gonn end..

Posted by: Return of The What at January 27, 2009 12:24 PM

"soho used to be jam packed with shoppers, you couldnt even move on the corners of prince, spring, and broome without bumping into someone and their 20 shopping bags. now the only places that seem to packed are starbucks with people just sitting there drinking coffee on their computers. stores just seem completely empty."

And Canal St is looking very bad now...

Welcome to the Great Depression 2 Dumbasses...

The What

Someday this war is gonn end..

Posted by: Return of The What at January 27, 2009 12:27 PM

Let me give you an example of how bad the economy truly is. I put an ad on Craigslist for someone with carpentry skills to help make some rustic furniture. We usually get art grad students because our hours are flexible and we pay $10.00 per hour (it's upstate, so don't think too much about wages) and face it, they hate working at Starbucks. We received over 20 responses (usually we get 2 to 4) and some from carpenters with 30 years experience. Just wait, some of the Wall street layoffs will be working for H&R block next year filling out tax refunds for people making $30,000.00 a year.

Posted by: Iknow at January 27, 2009 12:42 PM

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