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I counted almost 10 stores either closed or closing along Kings Highway over a distance of about 1 mile.
Empty storefronts or stores saying "Going out of Business".
Steve Madden shoe store closed, a cosmetics store that was there for about 25 years closed, a hair salon moved to another location, etc.
What is going on?
I've been living here for about 10 years and this is the first time I am seeing something like this happen here.
What does it mean?
I counted almost 10 stores either closed or closing along Kings Highway over a distance of about 1 mile.
Empty storefronts or stores saying "Going out of Business".
Steve Madden shoe store closed, a cosmetics store that was there for about 25 years closed, a hair salon moved to another location, etc.
What is going on?
I've been living here for about 10 years and this is the first time I am seeing something like this happen here.
What does it mean?
They haven't been fully implemented so how would businesses know if they can handle it or not (either through price increases, expansion of revenue, or lower margins)?
They haven't been fully implemented so how would businesses know if they can handle it or not (either through price increases, expansion of revenue, or lower margins)?
Business is not going to go up because of the laws. Pretty sure businesses have a good idea of what revenue is by the month...it may not be worthwhile especially if rent is going up as well.
You own a store, and your lease is expiring. Your LL hands you lease with a big increase. During the term of that lease, the minimum wage increase will be implemented. You run the numbers with the combination of the lease and wage increases, and find your business will no longer be viable. So you turn down the lease,, and pull the plug on the business.
Quote:
Originally Posted by wawaweewa
???
They haven't been fully implemented so how would businesses know if they can handle it or not (either through price increases, expansion of revenue, or lower margins)?
Business is not going to go up because of the laws. Pretty sure businesses have a good idea of what revenue is by the month...it may not be worthwhile especially if rent is going up as well.
Your argument makes no sense. You're claiming that business owners will cease operations in anticipation of higher costs? They'll give up before they try to keep the business going?
You own a store, and your lease is expiring. Your LL hands you lease with a big increase. During the term of that lease, the minimum wage increase will be implemented. You run the numbers with the combination of the lease and wage increases, and find your business will no longer be viable. So you turn down the lease,, and pull the plug on the business.
You're confusing 2 different things.
I agree with you that the most likely reason for these businesses not renewing their leases is a substantial rent hike. That has little to do with anticipated higher labor costs.
The rent hike is what killed these businesses, not the anticipated higher labor costs that don't take full effect until 2018.
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