Brooklyn's Main Streets Feel the Pain
The trouble on Wall Street isn’t just hurting Main Street in middle America, the Daily News finds. Brooklyn’s main drags are feeling the pain, too. At a West Indian restaurant on Fulton Street in Bed-Stuy, business has dropped by half, and the sporting goods shop has seen a 75% decline. Merchants on Flatbush Avenue, Brighton…
The trouble on Wall Street isn’t just hurting Main Street in middle America, the Daily News finds. Brooklyn’s main drags are feeling the pain, too. At a West Indian restaurant on Fulton Street in Bed-Stuy, business has dropped by half, and the sporting goods shop has seen a 75% decline. Merchants on Flatbush Avenue, Brighton Beach Avenue, Fifth Avenue in Sunset Park, and Park Slope’s 7th Avenue are lamenting. Even the liquor store business is slowing. “It isn’t driving them to drink – yet,” says one owner.
Biz Along Brooklyn’s Main Thoroughfares Taking a Hit [NY Daily News]
Older Signage on 7th Ave. Photo by mikebny.
Problem with these articles is they are purely anecdotal – small store owners almost always complain that business stinks (at worst it helps negotiating a new lease). And some stores do lousy business because the store (and not the economy) stinks.
It would be much more interesting (and informative) if these articles were based on sales tax receipts – guess that FOIA request would be too much work for a journalist.
yup, exactly. i have a friend who owns a boutique and relies on short-term credit to deal with fluctuating seasonal inventory needs. all of her creditors are changing their terms, making it near to impossible for her to stock even the things that are selling.
Even crappy stores on Fulton are owned by people who depend on the revenues to survive, just like everyone else. Let’s not be in such a hurry to toss them to the curb. They were here before most readers, and served a need, even if it isn’t your need.
As a former store owner in Manhattan, I had to close when the economy tanked in the early 90’s. I lived through it, but it wasn’t easy or pleasant. I don’t wish it on anyone, especially when it’s not their choice.
Stick-ups will be on the rise too. Hopefully J&R will ride it out, that’s a very useful store that’s been around a long time.
And their utilities and insurance are going up.
And don’t forget: while sales are going down, so is the ability to get a loan to bridge the gap.
Maybe all the s#!+holes on Fulton Street will be wiped out and we can start with a clean slate.