Retail Store Closures Have Huge Impact On Communities

Posted by freedomforall 1 month, 2 weeks ago to Business
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"In the last few years, department stores like Kmart, Macy’s, Sears, and JCPenney, and retailers including Best Buy, Payless, BCBG, Abercrombie & Fitch, and Bebe have decided to close dozens of locations. Some have even slid into bankruptcy or vanished completely. The fall of the once massive Toys 'R' Us name in 2018, should have drawn more attention. "
"Much of this space is located in the large shopping malls that once flourished in commercial zones of suburbia and many now sit empty and abandoned. While some of the empty storefronts will be re-purposed many will not. Sadly, America has created a bureaucratic obstacle course to rehabbing buildings by adding a great deal to the cost. This makes demolition more appealing. Between meeting new regulations and codes dealing with the Americans with Disabilities Act (ADA) and other issues building owners often choose to simply tear down the structure and rip up the parking lot which is also required as part of the demolition. This reduces the often huge tax burden while they try to recoup part of their investment by selling off the land."
"Consumers might someday regret throwing their communities under the bus for the promise of free overnight shipping. The closing businesses, both large and small are often viewed as the bedrock of our communities and with the closing of each one, a little bit of us goes with them. Consider this post a reminder of the massive amount of real estate taxes these stores pay. This money flows directly into the support of local police and fire departments as well as maintaining roads and such is a big disservice to the companies that also employ our friends and neighbors. These stores are where we go when we need something fast or that has to fit just right. As a final argument as to why we should support local stores, remember, that we the people will be forced to pony up more dollars in local real estate taxes as their contributions drop and local services are cut."
SOURCE URL: http://brucewilds.blogspot.com/2020/05/retail-store-closures-have-huge-impact.html


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