Have you notice alot of Business Are Now Going Out of Business? (Simpson: real estate, rent)

[amploud]

This is scary. Business closings can be a very accurate indicator that the local economy is going to get worse.

Years before I left my little corner of the great white north, I noticed an increasing number of shops and restaurants closing. At first it was the out-of-the-way locations. Then vacancies started to appear prominent strip malls and indoor malls. Grocery stores cut store hours from 24 hours-a-day to closing at 11PM. There were retail vacancies everywhere. Literally every strip mall/shopping center had multiple vacancies.

As time went on, I noticed that service jobs had evaporated. Blue collar jobs became few and far between. New white collar jobs were rarely advertised. Housing prices stagnated and started to fall.

I hope it's not happening here!

[Stripes17]

And it's not just retail. Just along my measly 9 mile commute to work, there are several buildings with professional / retail space that have not even been occupied once since they were built. Just sitting empty with Lease signs adorning them. These developers tore up the existing greenery to put up their "cheap as possible" buildings and nobody wants in on them.

I wish there was someway for the gov't to refuse any commercial bldg permits until the % of available square footage in a town, city, etc is occupied.

[flexysteve]

I think part of the problem is the lead time on these building projects were so long that they were probably started while things were still booming a year or 2 back. Then they finally got all the architect and permits and stuff done and they had more than 1/2 the money spent, that they might as well build the building and finish the job and then try and lease it out.

[Barkingowl]

THe strip mall at Independence & Conference has lease signs where half of the stores used to be.

[BlueLily7]

Originally Posted by jaynarie

Linens 'N Things is going out of business as well. I know the Mooresville store has things discounted.

What, the whole chain?? Noooooooooooooo!

[FLtoNC]

Originally Posted by BlueLily7

What, the whole chain?? Noooooooooooooo!

Yes, sadly. I will miss Linens N Things. I found this info:

Linens N' Things going out of business - 10/16/08 - Raleigh News - abc11.com

Linens 'N Things Going Out of Business? | bankruptcy, holiday, Linens 'n Things | SavvySugar - Career and Money


Barbecues Galore is also going out of business in the Arboretum. They also filed for bankruptcy & were sold to another company who will only keep about half their stores open in the U.S.

BBQ News: Barbeques Galore Buyout

[mullman]

Even the strongest of retailers require a constant stream of customers to make the system work.
When people cut way back on spending, it effects more than appears at the surface.

[CouponJack]

Weren't a ton of people not too long ago talking about how LOW the vacancy rates are here??

[Huckleberry3911948]

yes. i will go to home depot saturday afternoon and look at the parking lot, that is the best index.

[BigJon3475]

Well at least now I know why the demand for oil is down.