The Plight of StoreFront Tenants
On my podcast I recently interviewed Stephanie Badillo, of Badillo Development Group, she’s in the commercial real estate field, among other ventures.
One of the topics she covered was the empty storefronts that seem to be rampant in our city of New York.
During my travels, (before the interview) I noticed a few stores that have been sitting empty for years now with no sign of that storefront being re-filled with new tenants.
On youtube I recorded a 7-10 minute video showing at least 6 empty storefronts in a block and a half radius. Ms Badillo mentioned a article she read about Mayor Di Blasio in favor of applying to landlords a “vacancy tax” on retail stores that sit empty for a long time. (Article link below)
I hate to see any empty storefront, I see it as a black eye for the community, loses of jobs, and to be honest income for the landlords.
There’s been mentioned of economic issues that tenants face, rather than blame landlords, such as minimum wage increases, the paid sick leave requirement and the battle against online retailers like Amazon.
Is Amazon to blame? Can it be some greedy landlords? is it the retailer who doesn’t have enough capital to sustain their business? Or maybe it’s the millennials who seem to use their cell phones to buy online rather than visit brick & mortar. Those questions have to be answered eventually as the problem doesn’t seem to have a quick solution.
In our Interview, Show 56, Ms. Badillo had mentioned of a program she and her team are implementing called “Move in Ready Solutions” to secure landlords and future storefront tenants to fill out the vacancies throughout New York.
Top U.S. Retailers (Ranked by Online Sales)
Wal-Mart stores inc