I have a buddy in Fairfield, Northern California and he says there are constant homeless in front of the mall begging.
Another friend in Daviie Fla who says the malls are collapsing and merchants are demanding lower rent and then moving when landlords dont cave into their demand.
Is it really the doomsday scenario that Mabus, Kilguy,Smiley and Tony see ?
Or is it just Michigan, Nevada,California, Florida, etc?
I would love to get some local stories from anyone who is seeing crime spikes, homelessness, store closings, and so on.
Mabus posted that 200,000 stores will close in 2009.
Is this really true??
Us 17 bypass - in a qtr mile I see 4 new restraunts open in the past year (Hardy's, Taco Bell, Chili's, Bonefish Grill) and see two new buildings going up that appear to be restruants.
The Carolina coast appears to be doing well. Of course, since it depends on tourism I guess we find out come spring/summer.
I live in a NYC suburb, Hyundai dealership closed, National Liquidators is going bankrupt and closed stores in a neighboring county, the one in my county is still open but not stocking new merchandise. My city wants to lay off 300 city workers, but the remaining union membership agreed to small pay cuts to save their jobs until July 2009.
On a positive note, the stores and malls were crowded with holiday shoppers, it was hard to find parking spaces. Macy's was so crowded yesterday, that I could not find a parking space in the two lots they have, and a policeman was at one entrance directing traffic, so I decided to go home and
return another day. There have been very few restaurant closings in my area, and the remaining ones seem to do well.
Housing prices in this area haven't dropped too much since it's close to NYC, and apartment rentals in private homes or apartment buildings are very expensive.
I live in a CA coastal town, a commuting distance from Silicon Valley. It feels like a severe, prolonged crash occuring in slow motion.
Vacation rental business, which mainly cater to well-to-do in high tech in Silicon Valley AND wealthy (at least they used to be) central valley farmers, have dwindled to near zero. Sure it's off-season right now, but usually Thanksgiving and Christmas season see full booking. Not this year.
Small businesses in town of all sorts are going out of business at an increasing rate. One tennant in a small strip mall leaves, and the rest follow. Now the town has a number of totally empty strip malls that are cordoned off for "future development".
The town has cut back on services except for a few pet projects like homeless programs and minority (i.e. Mexicans) programs. Probably the only people still well-taken care of by the town are homeless people, who were numerous to begin with because of the generous homeless programs. I expect more and more homeless people in northern CA will come here.
Many of my adult violin students are independent professionals - physical therapist, doctor, architect, having their own practice. They say their business just cratered in late November and December. The physical therapist, who's been in the business for 30 years, said he had only one patient all week, and will have to stop renting the office space soon. They won't be able to come to lesson every week, putting my small business in jeopady.
Went to post-Christmas shopping to a large shopping mall in the neighborhood. The only store with tons of people in it who were actually buying was Mervyn's. (By the way, if you have Mervyn's near you, go grab some of the nice store furnitures. They are like Ikea-type shelves, only better quality and better made. They can be had for $10 to $60. One of the display shelves is now a computer workstation in my house.)
If a bull market is just around the corner, or as CNBC says, if we are already in a bull market, I'd really love to see it, despite my short positions.
miami, something i have never seen in the ten years i have lived here... i can't explain it but i counted at least ten ocean going tankers just parked for the past week out on the ocean. none going into port. what could that be??? also i am a chef and the restarant business is sllooowwwww. very few openings and multiple closings. i tried to sign a lease for my own place this fall, the landlord wanted twice my offer price. INSANE! I am sure the state of florida is stepping on his neck with insurance and taxes (Florida is so anti business). how soon before florida goes bankrupt?
I don't live in Florida but I own a lot of vacant land there and the continued unwinding of the real estate bubble there still has no bottom. That state started going through a depression over a year ago. Here in Seattle it's business as usual though. Pretty stable.
Seen several Coldstone Creameries close, a Bennigans(restaurant),JohnHarvards Brew House, a Chinese restaurant, an Auto dealership, a Mall is about to close for a lack of tenants, a Diner, a soft Pretzel bakery, a Bakery, an Alpine themed Restaurant/Bar, A Movie House cancelled plans on building a theatre, Borders Bookstore is questionable, a Manhattan Bagel house, and lots of retail stores that never opened. Also heard Joseph A Banks clothing store may not make it in 2009.
I'm in california. A Shakees pizzaria closed down and a Norms restaurant moved to another location- probably found cheaper land. My family's old house that we sold last year for 400,000 is now 360,000 on Zillow.com. But I did notice on black friday that all the econosized eggs at Walmart (the only ones they carry) were all sold out on black friday.
i live east coast,,,,mals packed but no 1 buying unless massive discount,,,,many stores slowly closing shop, businesses other than retail takin up mall space,,,,eg police, insurance co, optical shoppes, mini groceriers,,,but not typical clothing electronic retail