Retail Hardest Hit in Brooklyn
Few stores have been able to avoid the painful effects of the current recession, but mom-and-pop stores, without the deep pockets of national chains, are particularly vulnerable to the downturn. And, it turns out, these locally-owned stores are getting particularly hard hit in Brooklyn. According to a study by Rep. Anthony Weiner’s office, 14.1 percent…
Few stores have been able to avoid the painful effects of the current recession, but mom-and-pop stores, without the deep pockets of national chains, are particularly vulnerable to the downturn. And, it turns out, these locally-owned stores are getting particularly hard hit in Brooklyn. According to a study by Rep. Anthony Weiner’s office, 14.1 percent of small stores in Brooklyn are now vacant, compared with 12.2 percent in Queens and 9.1 percent in the Bronx. When the economy catches a cold, small businesses catch pneumonia, said Mr. Weiner, in a press release. Too many community shops—the backbone of the city’s economy, are hit hard by this downturn.
Brooklyn Stores Hit Hardest by Retail Slump [Crain’s]
Please – 99.9% of the storefronts in NYC (especially in the outerboros) – are not, and will NEVER be conducive to ‘chain operators’. So IF Landlords are forcing the mom & pops to close with unrealistic rent expectations (I do not believe this is the main issue), then it is only a matter of a short time till the asking rents begin to fall precipitously – an empty store front in a 1-5 store building will immediately be felt and cause big problems in terms of either paying financing or re-financing.
bxgirl, those arent the kinds of stores i see closing down much though. yeah people need those essentials, so it will be harder to pay higher rent, but they will still always exist somewhere in the same location. it’s stupid fluff stores that are closing down these days for the most part.
maybe i see it differently cuz i only see it in soho and park slope.
*r*
while I hate that shops are going out of business sometimes its the system cleaning itself of worthlessness. On the stretch of flatbush between atlantic terminal and GAP theres an unholy amount of nail salons, a hand full of hardware stores, and maybe 4 or 5 coffee shops. Sometimes there’s just too much of one thing in a small area. oh I forgot maybe 5 sushi joints.
rob- most mom and pop stores are not selling 2000 bags. They are small food shops, hardware and sundries stores, laundromats and dry cleaners,basic clothing and shoe stores. Not boutiques. The point is, the impact of their loss on a neighborhood, even if you don’t frequent the store, is felt by everyone. You shouldn’t think that way- neighborhoods are made up of people who interact in numerous ways and all those ways make or break a community.
i know it’s terrible to say but things like this dont bother me all that much. dont frequent and probably never would 99.999 percent of stores in nyc anyway as they have nothing i need or want. i feel that’s the case for a lot of people. there’s only so many 2000 dollars fugly handbags made by a 20 year old FIT trustafarian, right? i know that’s stereotyping the kinds of storefronts.. it does suck for people losing their jobs in retail though and to “some” it looks like a blight on the neighborhood. like i said in another thread tho, not to everyone.
*rob*
Very true about landlords jacking up the rents once a street has become popular and successful because great places have opened up. It’s one big reason so many wonderful businesses in Manhattan nad the various districts (flower, trim, bridal, etc) have disappeared. Its real shame.Small businesses, the mom and pops keep a nieghborhood and the economy healthy.
rob- if you would really like to get price-sick go to ABC Home. I was in there yesterday- very drool-worthy but the prices were totally insane.
I can imagine Brooklyn having higher vacancy rates than the other boroughs b/c of the higher rents
It’s a shame, am noticing many stores in the south slope closing that opened up within the past 3 years!
what was the vacancy rate in the 70’s and 80’s? Im sure it was well over 14%.
I thought we wanted the old new york back?
did anyone read the vomitous article in AM new york today about flag ship stores for huge major retailers still wanting to open up in nyc? like the one store that opened up recently that sells like 40,000 dollar watches or something and had people in the window display gnawing on expensive stake as an in your face reminder that no matter what some people still have money to spend on overpriced junk. it was nauseating to read.
*rob*