Store closings

[stephendare]

Commercial real estate will crash in November by most accounts.  (some christmas present huh?)  Most economists are saying that this is "The End of Consumer Culture".

This is a pretty profound change in our entire world if you think about it.

Locally the two things will be pretty devastating for the next 8 months.

First thing that will happen will be stores and shops who find out that their strip mall has been foreclosed on, some will find out the legitimate way----notices etc.  Some will find via what I like to call the Florida Way.  Suddenly there is no maintenance, common electricity gets turned off and eventually someone from a bank shows up trying to figure out whats left.  Springfield has already experienced that courtesy of Craig Van Horne, so be prepared.

The second thing is that the yearly 'float' loans were even more meager than last years, which caused the failure of so many national chains.

With no real consumer spending in the middle of a crisis at christmas season (and no credit cards to fuel it)  there will be mass sell offs of goods in January followed by mass closings of the shops.

The suburbs will be a very interesting place to be in 8 months.  Most of them don't know how to survive without the massive subsidies provided by government, so I will be very curious to see what happens along sside boulevard.

[stjr]

In San Marco, I see that the Bath & Linens store next to Underwoods has a "space for lease" banner hanging over it even though the store appeared to be open.  I guess the end is near for it and the landlord is thinking ahead.

Also read in the paper that Atlanta Bread closed in Lakewood although the article said they already had a replacement tenant moving in.

I was at SJTC over the weekend.  Cheesecake Factory still had a full house from appearances but the wait was only 5 minutes, not the usual hour plus.  Could have been that I was there mid afternoon on a holiday weekend.  Did see one vacant storefront on a corner in the new section toward Capital Grille.  Don't know if it was previously occupied.

More and more, I see vacant storefronts in the strip centers along our avenues.  Many stores appear to be closing without much of a whimper or press.

Overall, I think we still have way too much retail and agree that the worst in that area is yet to come.

MJ does a construction update each month.  Maybe it should go out to strip centers with the cameras and document the opposite, what's disappearing.  Unfortunately, right now that might make for a longer article.

[Captain Zissou]

Park and King is pretty empty on King south of Park.  The turn around from Cafe Carmon to Taverna has been really quick and I'm very excited.

[Captain Zissou]

PS- I think Stephendare's prediction is right on the money.  I interned at a commercial brokerage this spring and it was pretty obvious that the market was doomed.

[stephendare]

thanks zissou.  lol yeah, get ready for a commercial bloodbath.

[tufsu1]

which prediction...collapse in July or November...or both?

[fsu813]

When did RBS in 5 Points go out of business? I noticed it's "5 Points Antiques" now.

Though i never visited, that place was there forever......

[avonjax]

In San Marco, I see that the Bath & Linens store next to Underwoods has a "space for lease" banner hanging over it even though the store appeared to be open.  I guess the end is near for it and the landlord is thinking ahead.

Also read in the paper that Atlanta Bread closed in Lakewood although the article said they already had a replacement tenant moving in.

I was at SJTC over the weekend.  Cheesecake Factory still had a full house from appearances but the wait was only 5 minutes, not the usual hour plus.  Could have been that I was there mid afternoon on a holiday weekend.  Did see one vacant storefront on a corner in the new section toward Capital Grille.  Don't know if it was previously occupied.

More and more, I see vacant storefronts in the strip centers along our avenues.  Many stores appear to be closing without much of a whimper or press.

Overall, I think we still have way too much retail and agree that the worst in that area is yet to come.

MJ does a construction update each month.  Maybe it should go out to strip centers with the cameras and document the opposite, what's disappearing.  Unfortunately, right now that might make for a longer article.

the landlord is owner of the business..
A great loss for Jacksonville...They have great stuff....and I don't know of anyone else who carries the same merchandise
 

[copperfiend]

So I decided to go over to Tinsletown on my way home last night. There are four free standing restaurant buildings on the east side of Soutside Blvd next to Tinsletown. They used to house Winghouse, South Street/Dick's Wings, RJ Gator's, Gallery Eclectic/Legends/Something else I am sure I am missing.

[reednavy]

When did RBS in 5 Points go out of business? I noticed it's "5 Points Antiques" now.

Though i never visited, that place was there forever......

They were basically forced to downsize as the rent was jsut way too high. The main store is now inside the Metro Nightclub on Plum near McDuff, but have a kept a small spot inside the antique store as well.

[Deuce]

"The End of Consumer Culture" - This would be a great thing. Unfortunately, it needs to happen gradually and not cold turkey and also needs to coincide with a decline in population.

[civil42806]

"The End of Consumer Culture" - This would be a great thing. Unfortunately, it needs to happen gradually and not cold turkey and also needs to coincide with a decline in population.

You first

[copperfiend]

"The End of Consumer Culture" - This would be a great thing. Unfortunately, it needs to happen gradually and not cold turkey and also needs to coincide with a decline in population.

So it will never happen in India?

[tufsu1]

In the case of WingHouse, their lease was up and the landlord wanted to increase by about 25%....apparently they were doing just fine and hope to re-open in a new location sometime next year.

[copperfiend]

In the case of WingHouse, their lease was up and the landlord wanted to increase by about 25%....apparently they were doing just fine and hope to re-open in a new location sometime next year.

That makes sense. They would do great in Jax Beach.