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.”
Who is Ed? ED Sullivan from the CoC?
Exactly what was said at the planning meetings. Digital shopping delivers infinite choice to the palm of your hand with your purchase arriving on the doorstep 24 hours later. It is not a trend, it is not a fad, it is a global reality. The garage subsidy that is being forced on us is not for retail survival, it is for the local developer. Always was, always will be.
The garage is for the benefit of the restaurants and multifamily housing.
Retail stores are competing with malls and online retailers. Maybe someone walking around before dinner will buy something, but foot traffic is not driving sales.
It is quite telling that property owners are able to afford their “empty” storefronts.
Ed Sullivan or Fast Eddie ?
Who said property owners are able to afford their “empty” storefronts ? Property owners want just the opposite….which is why they adjusted their rents in order to keep their tenants.
I believe in Ridgewood many of the buildings that are now empty were bought many years ago – – those property owners do not have the same pressures to market forces as do other owners.
The previous comment is equivalent to saying homeowners who have owned their homes for many years should be both able and willing to sell their homes at lower prices because they have paid off their mortgage and thus are under no pressure to sell. Market forces ultimately determine prices not sellers. This applies equally to both commercial and residential properties.