Quote:
Originally Posted by sdm
i understand the tea place in the w suites went bankrupt this month.
So generally retail in the core is suffering. Hopefully it will rebound, but we need to get more people living near and within the core to really push this.
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I don't know.. I heard about the tea place but don't have a sense of how many places overall are opening or closing. However, I think it's easy to conflate a number of factors. Closings might be due to dwindling local traffic, or they could be because it just wasn't the right kind of business, or because it was poorly managed, or because there are too many of that particular type of store downtown. In Halifax I think there has been too much tendency in the past to blame problems on a poor economy. I've heard "Downtown is dying!!" for 20 years when in reality some parts are the same and many parts are much better than they were.
Overall what we want are retail statistics for the core - vacancy rates, new construction of space, and absorption rates.
I am not personally too worried about the old North End, south end of Barrington, or Spring Garden Road since there is a decent amount of new construction and growth happening in those areas. It's not necessarily ideal since there are some underused sites that are developed too slowly, but they will probably improve on their own eventually. Barrington is a different story.