By Jonathon Trugman
May 14, 2017 | 2:12am
American retail culture may well have reached a tipping point.
Major department stores are floundering about like fish in a rapidly draining pond after reporting dreadful earnings last week.
The time-honored multigenerational giants like Macy’s, Sears and JCPenney are all looking at a dramatically different future.
Macy’s stock collapsed 17 percent after Thursday’s first-quarter report. And high-end retail behemoths like Nordstrom are getting clobbered, too. Shares of that politically petulant retailer fell 11 percent Thursday on news of its first-quarter results.
Better take a good look, because this may be last call for the mall.
https://nypost.com/2017/05/14/the-fall-of-retailers-means-doomsday-for-malls/
Build a big garage…
that will bring people back to the CBDthat will bring money to the developers pocketsNo doubt online shopping has had a huge negative effect on retailers and the problem is not going away any time soon. The question for towns like Ridgewood is what to do with downtowns that were conceived and build decades ago and are now becoming functionally irrevelant. We certainly do not want or need more restaurants, nail salons or banks. So should we simply turn our backs and let the CBD continue to spiral downward ? Many residents do not seem to care one way or the other. Of course, these same folks will be the first to squeal when their RE taxes start to rise dramatically to offset the revenue decline stemming from rapidly declining commercial property values. If you think for a moment the VOR will trim it’s budget fo offset declining tax revenue you are either dreaming or smoking something illegal. The question then becomes what to do to help insure the continuance of a healthy revenue stream from the commercial sector. The proposed luxury apartments will certainly help stabilize Village coffers but many residents strongly object to such development. The purpose of this post is to create an open forum on what can or should the Village do to insure the continuance of a sufficient long term revenue stream so that taxes paid by residents does not spiral out of control. Suggestions and comments please..
now your talking !