Everyone should be focused on the rates required in the future to pay the debt service on the garage. Meter rates will be too high, the majority of retail businesses in town will suffer only a few nearby restaurants will benefit. A pending fiscal disaster, being backstopped by residents.
The 2-1 YES vote did not sufficiently outline the costs of the garage. The NO voters likely considered the costs. The majority of the YES voters thought it was “free”, of would be totally self sustaining.
the staff of the Ridgewood blog
Ridgewood NJ, according to the Tax Foundation New Jersey scored near the bottom , ranked 45th as on of the lowest-scoring states having a high sales tax rate, high excise tax rates, or apply the sales tax to a variety of business inputs. The states with the lowest scores on this component are Louisiana, Washington, Alabama, Arizona, Tennessee, and New Jersey.
Continue reading Retail Disaster : New Jersey Ranked Even Worse than New York in Sales Tax
The Seattle e-commerce company’s influence goes well beyond shopping
BY PATRICK SISSON MAY 2, 2017, 11:43AM EDT
It begins with boxes. For most people who order goods from Amazon—with nearly half of U.S. householdsenrolled in the company’s Prime program, that’s quite a few of us—interactions with the Seattle e-commerce giant start with a search and a click, and end with a delivery.
While the ubiquitous company—a retail and shopping juggernaut worth roughly $430 billion that personifies the rapid growth in e-commerce—has an extensive footprint, a growing warehouse network, and a nascent brick-and-mortar retail presence, most of us just see piles of boxes on stoops, on doorsteps, and in apartment lobbies.
But that passing perspective would be a gross underestimation of the way e-commerce in general, and Amazon specifically, has and will reshape cities and communities around the country.
A growing web of Amazon warehouses is poised to further speed up and reshape commerce, putting more pressure on retail. Increasing deliveries, a result of this bigger and better logistics network and consumer demand, is leading to increased freight traffic on city streets. And an expansion into physical retail, including brick-and-mortar Amazon grocery stores, predicted by many analysts, could make an even bigger dent in urban landscapes and commercial strips. Curbed reached out to Amazon for this story, but they declined to comment on the record.
Years of overbuilding and the rise of online shopping have come to a head; malls as ‘energy suckers’
By Suzanne Kapner
April 21, 2017 7:53 p.m. ET
American retailers are closing stores at a record pace this year as they feel the fallout from decades of overbuilding and the rise of online shopping.
Just this past week, women’s apparel chain Bebe Stores Inc. said it would close its remaining 170 shops and sell only online, while teen retailer Rue21 Inc. announced plans to close about 400 of its 1,100 locations.
“There is no reason to believe that this will abate at any point in the foreseeable future,” said Mark Cohen, the director of retail studies for Columbia Business School and a former executive at Sears Canada Inc. and other department stores.
Is American Retail at a Historic Tipping Point?
By MICHAEL CORKERY
APRIL 15, 2017
Along the cobblestone streets of SoHo, Chanel handbags and Arc’teryx jackets are displayed in shops like museum pieces, harking back to the height of the neighborhood’s trendiness. But rents there are softening, and the number of vacant storefronts is rising.
Today, some of the most sought-after real estate by retailers is not in SoHo, but five miles away in Red Hook, a gritty Brooklyn enclave with a shipbuilding past. E-commerce merchants are vying to lease part of a huge warehouse space, spanning 11 acres, that would allow them to deliver goods the same day they’re ordered online.
The profound reordering of New York’s shopping scene reflects a broad restructuring in the American retail industry.
E-commerce players, led by the industry giant Amazon, have made it so easy and fast for people to shop online that traditional retailers, shackled by fading real estate and a culture of selling in stores, are struggling to compete. This shift has been building gradually for years. But economists, retail workers and real estate investors say it appears that it has sped up in recent months.
Updated March 25, 2017
Posted March 25, 2017
The start of 2017 has been merciless when it comes to retail store closings. This year, analysts say online shopping has continued to take its toll on even the most popular brands.
Is your favorite retailer closing shop?
Check out our list of the biggest chains closings stores this year.
The Children’s Place,
Men’s Wearhouse/Jos A. Bank,
BCBG Max Azria,
Abercrombie & Fitch,
Sep. 3, 2016, 8:17 PM
One in six American malls are expected to disappear in the next decade. That’s scary news for many communities.
Visits to malls declined by 50% between 2010 and 2013, according to real estate research firm Cushman & Wakefield. Analysts expect upcoming data will show an even steeper drop in mall traffic.
Mall closures could have terrifying implications for communities, Howard Davidowitz, chairman of Davidowitz & Associates, a national retail-consulting and investment-banking firm, told Business Insider.
By Andrew George, February 11, 2016 at 1:25 PM
The New Jersey Business & Industry Association released a report Thursday indicating that the outmigration of some 2 million New Jersey residents cost the state approximately $18 billion in net adjusted gross income in the years between 2004 and 2013.
“The $18 billion we lost during the years we studied had a significant economic impact on the state,” NJBIA CEO and President Michele Siekerka said. “During that period, we lost $8.4 billion in household spending, $11.4 billion in economic output, 75,000 jobs and $4 billion in total lost labor income.”
The study found that the majority of New Jersey residents leaving the state are migrating to Pennsylvania. New York was the second-most-popular destination for those relocating from the Garden State, showcasing that, while people are leaving in search of lower taxes, they also want to maintain a relatively close proximity to family and friends.
“This pattern underscores New Jersey’s need to stay competitive with its neighbors and those other states vying for our residents and businesses,” Siekerka said.
And it’s not just retirees, either. According to the report, millennials, which it defined as those between the ages of 18 and 34, are leaving New Jersey in the highest numbers.
Ed says , “High rents are an issue from the past. Commercial rents have declined precipitioulsy since the last recession. Rents and house prices are not determined solely by landlords or home sellers they are determined by prevailing market conditions at the time a transaction is contemplated. The entire process is driven solely by supply and demand. If demand for a particular real estate product is high then the cost of that product will be priced to reflect the current market demand. Conversely when demand is weak prices will fall …..and .sometimes they will fall rather quickly …..and dramatically. Generally speaking at any given time rents are a fairly accurate reflection of either current or anticipated conditions in the specific market to which the property relates. The problem is if a business cannot attract enough customers ANY RENT THEY PAY IS TOO HIGH TO SUSTAIN THEIR BUSINESS. The problem in Ridgewood is a dearth of customers. On the retail side people increasingly prefer to buy goods online at incredibly good prices and they enjoy the added benefir of having the goods delivered right to their door.. A conventional retailer can’t beat that type of competitor.”
the staff of the Ridgewood blog
Ridgewood NJ, as far back as October 2011 in an article ,”Understanding the Shift to Online Shopping” Marcia Kaplan wrote, “Defying the general economic gloom, ecommerce sales have registered seven consecutive quarters of year-over-year revenue gains since Q4 2009, with some in double digits. The last three quarters (Q4 2010 through Q2 2011) showed gains of 11, 12, and 14 percent respectively, the best performances since Q2 of 2008, according to research firm comScore.
Figures calculated by the U.S. Department of Commerce are more generous, showing an increase of 17.2 percent for Q2 2011 over Q2 2010. In contrast, total retail sales — stores and online — for Q2 2011 increased only 8.4 percent over the same quarter in 2010. Ecommerce accounted for 4.2 percent of total retail sales in Q2 of 2011, according to the Department of Commerce.” http://www.practicalecommerce.com/articles/3087-Understanding-the-Shift-to-Online-Shopping
The WSJ in August 2015 said , “U.S. retailers are facing a steep and persistent drop in store traffic, which is weighing on sales and prompting chains to slow store openings as shoppers make more of their purchases online.”
Now it seems the day of reckoning is upon us , despite calls for more parking to save retails in the CBD in Ridgewood ,the nationwide trend of shoppers moving online has continued to accelerate.
May 2016 headlines read like a retail obituary :
Scoop Succumbs to Market Forces; All Stores Closing
Sports Authority to Sell Off Assets, May Be Closing All 450 Stores
Hugo Boss Considers Closing Some Stores as Earnings Plummet
The Gap Is Closing a Bunch of Old Navy Stores
Aeropostale Store Closings 2016: Retailer Files For Chapter 11
The reality is its going to take far more than parking to fully revitalize the CBD in Ridgewood .