Tag: retail

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N.J. lost $18B in a decade due to outmigration, NJBIA report says

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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.

 

https://www.njbiz.com/article/20160211/NJBIZ01/160219938/nj-lost-18b-in-a-decade-due-to-outmigration-njbia-report-says

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Wait a Minute Ed did you just say Ridgewood Does Not Need a Parking Garage ?

Ridegwood parking Town garage 12:10 5 24 2016

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.”

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Nationwide Online shopping trend forces more brick and Mortar Stores to Close

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May 22,2016
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.” https://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 .
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Macy’s closing dozens of stores across United States, including 4 in Tri-State area

Macy's

POSTED 8:09 PM, JANUARY 6, 2016, BY ANDREA CAVALLIER AND ASSOCIATED PRESS, UPDATED AT 08:11PM, JANUARY 6, 2016

NEW YORK — Macy’s is closing dozens of stores and cutting thousands of jobs across the United States after disappointing holiday sales.

The Cincinnati-based department store chain says sales fell 5.2 percent in November and December at existing stores. Warm weather and lower spending by international tourists hurt sales.

The company also listed Wednesday which 40 stores it would close.

https://pix11.com/2016/01/06/macys-closing-dozens-of-stores-across-united-states-including-4-in-tri-state-area/

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Garden State Plaza adding five luxury-brand tenants

Westfield Garden State Plaza

MAY 5, 2015, 9:45 PM    LAST UPDATED: TUESDAY, MAY 5, 2015, 10:28 PM
BY JOAN VERDON
STAFF WRITER |
THE RECORD

Westfield Garden State Plaza confirmed Tuesday that it has signed five new luxury fashion brands as tenants, solidifying the Paramus mall’s profile as a center for high-end fashion.

Versace, Ferragamo, Longchamp, Burberry and Hugo Boss, with their Fifth Avenue pedigrees, will open this fall in a space created by the relocation of Victoria’s Secret and other stores. The deals will give the Plaza the only Versace store in New Jersey, and will help it match offerings at its two rivals for upscale mall shoppers — The Shops at Riverside in Hackensack and The Mall at Short Hills. Riverside has Hugo Boss, Burberry and Ferragamo shops, and Short Hills has Burberry and Longchamp stores.

The announcement by the Plaza comes as two of North Jersey’s other major malls deal with concerns about empty space and weigh decisions that could determine their long-term survival. The Shops at Riverside in Hackensack has more than 100,000 square feet of space that was vacated by Saks Fifth Avenue. Paramus Park has been talking for years about a movie theater wing, though work has yet to begin.

In addition to online retailing, which threatens the mall industry nationwide, North Jersey malls face the future opening of the American Dream shopping and entertainment complex in the Meadowlands.

The Plaza has been on a campaign to attract more upscale retailers ever since its leasing coups in the 1990s, when it landed North Jersey’s first Nordstrom and Neiman Marcus stores. In recent years, the mall has added Gucci, Louis Vuitton and Tiffany & Co. The new tenants will be located near those high-end neighbors, on the lower level.

North Jersey is fertile territory for affluent shoppers. The median household income in Bergen County is $83,974, ranking it 42nd among the nation’s 3,143 counties, according to the latest data provided by the U.S. Census Bureau.

Last year the Plaza opened a fashion wing that included stores by designers Tory Burch and Vince Camuto, as well as a Microsoft store. Pirch, a high-end appliance show­room, opened in a corner of that wing in March.

The mall has added more than 40 retailers over the past year.

https://www.northjersey.com/news/garden-state-plaza-adding-five-luxury-brand-tenants-1.1325966

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RadioShack’s exit could trigger retail space grab in North Jersey

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RadioShack’s exit could trigger retail space grab in North Jersey

FEBRUARY 4, 2015    LAST UPDATED: WEDNESDAY, FEBRUARY 4, 2015, 11:42 AM
BY JOAN VERDON
STAFF WRITER |
THE RECORD

The expected news that RadioShack will close or sell all of its stores is likely to have a significant impact on shopping centers throughout North Jersey.

A decision to close locations in the region could put sought-after locations back in play in the neighborhood strip malls favored by RadioShack. And if Amazon, reportedly one of the bidders interested in RadioShack stores, moves into those shopping centers, it will mean a whole new ballgame for the country’s largest online retailer.

RadioShack, the 93-year-old company created to sell supplies to ham-radio enthusiasts, is on the brink of filing for bankruptcy after numerous failed attempts to turn the chain around. RadioShack was able to survive, and at some times thrive, through waves of new technology — from ham radios, to do-it-yourself phone installations, to citizens band radios, to the first personal computers. But it is being outmaneuvered in the digital age by more nimble competitors.

The company announced in March 2014 that it planned to close about 1,000 of its more-than 4,000 stores, but investors vetoed that strategy, pressing instead for liquidation.

Bloomberg News reported Tuesday that Amazon, telephone service provider Sprint, and the investment group behind the Brookstone stores are all possible bidders for RadioShack locations, if they become available.

North Jersey retail real estate experts said any empty RadioShack stores not locked up as part of a bankruptcy bid probably would be easy to lease.

https://www.northjersey.com/news/business/north-jersey-real-estate-may-see-new-retail-game-1.1263984

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Reader says businesses that are able to pay the rent and succeed will determine what you see in the storefronts.

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the Pearl: After dinner, have Anthony make you a strawberry zabaglione tableside. We are the only restaurant in NJ to do this dessert tableside. Come see the show – the KING OF BROAD STREET!

 

Reader says businesses that are able to pay the rent and succeed will determine what you see in the storefronts.

The CBD tenants (of current buildings) change due to markets and the residents can piss and moan all they want, but the reality is, the businesses that are able to pay the rent and succeed will determine what you see in the storefronts.
In my 45 years living in town, I have seen a few changes in ‘retail’.


No more Drapkins, no more Winchells, no more Al & Harrys, no more Sealfons, no more MacHughes, all of which were great stores and fell victim to the malls.


We used to have a liquor store on many corners.


Every corner on franklin had multiple gas stations (Phillips 66, Amoco, Texaco, arco, Texaco, mobil(2), exxon, Sinclair, etc, all of which are gone. (a few gone from godwin as well)


Who was foolish enough to pay the going rate for rent? Banks, nail salons, restaurants, or wives of rich residents who wanted to ‘play store’.


Its an ever evolving mix, and the market will determine things, not those who choose to opine on ‘what kind of stores are good for the CBD”.


Nadler Chevrolet, brogan Cadillac, ken smith Lincoln, and the buick dealer, all gone. (this IS one are that resident input should be welcomed if the property owners request zoning changes)
If I owned a retail store, I’d take advantage of the foot traffic generated by the restaurant trade at nite. Unfortunately, most of these dummies are closed!

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Improving our Central Business District

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Improving our Central Business District

JULY 11, 2014    LAST UPDATED: FRIDAY, JULY 11, 2014, 8:04 AM
Deputy Mayor Albert Pucciarelli

to the editor:

I had the privilege of serving as a member of the Zoning Board of Adjustment and Planning Board for almost 24 years. I enjoyed that service. I am grateful for the opportunity. I was, however, disappointed in one aspect of the work, particularly on the Planning Board.

The Planning Board is not a forum where our community-at-large can engage in a discussion of a broad vision for our Central Business District (CBD). The “planning” role has become buried in a mountain of complex applications, including applications to amend the Master Plan by applicants who pursue this route rather than trying to obtain hard-to-get variances. That has placed the Planning Board in a reactive mode. Its generous and very capable volunteer members have no choice but to devote the time required to deal with these applications.

As a quasi-judicial body, in the best of times the Planning Board is not suited for an open exchange of ideas. Instead, our citizens who desire to be heard typically are allowed only to react to testimony of an applicant or an expert. Citizen remarks during the comments period are brief monologues that are respectfully listened to, but unfortunately, this is not an opportunity for open dialogue with our Planning Board.

I was elected on a promise to seek a new vision for our CBD, insisting the status quo is not an option. Lack of parking, poor traffic flow and traffic volume, underutilized parcels, haphazard signage, few desirable residences and the shabby appearance of Franklin Avenue and Chestnut Street. Surely we can do better. Even with these issues, our CBD is the pride of residents and a magnet for new residents. Our business community enhances village life not only by the quality of goods and services, but also by many programs sponsored by the Chamber and Guild. Our home values are dependent in part upon the CBD’s vibrancy.

(Editor’s note: A forum on the CBD will be held from 7:30-9 p.m. on Wednesday, July 23 in the Village Hall courtroom. A follow-up session will be announced at the July 23 forum).

– See more at: https://www.northjersey.com/opinion/opinion-letters-to-the-editor/letter-improving-our-central-business-district-1.1049965#sthash.IbU6Mp7c.dpuf