Retail Business Closures
shailynn
They never tell you what you need to know.
In my town, 3 restaurants went out of business in the past 2 weeks, 6 total in the last month. I’m not in a large city so that’s significant in my community. Of the 6 - 2 do not surprise me at all but the other 4 seemed to do a good amount of volume even in this current business climate. 1 chain, the rest were local businesses.
Sucks because now I have less options, 2 of those places I went to frequently.
You seeing things close down? Not you Florida guys, seems like everyone is STILL moving to that state!
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as far as restaurants go a Whataburger just open yesterday. Last week I went to lunch with a friend to a Japanese dumpling place that just opened. You use your cell phone to order and it goes straight to the kitchen. Your food is brought to you by a robot.
I know the owner of two of the places that closed. One was old and wanted to retire and didn’t have anyone to take the reins. The other said he couldn’t compete with the wages that big chains were offering servers and that combined with food costs made him give up.
Convenience stores seem to be the really booming market. In the past 6 months Buccee’s, Sheetz. Wawa and Casey’s are all new to the area, some building multiple stores
Few thoughts - take Pittsburgh PA for example - you roll to the east side (blue collar) and it’s a ghost town - entire strip malls are sitting vacant. You see 5 quick serve/fast food restaurants sitting vacant. You travel to north of the city (white collar) and there’s tremendous growth. Whole Foods and Trader Joe’s popping up everywhere.
As for all the new convenience stores - I don’t get it. A lot of people flocked to them during COVID for various reasons but I don’t see it as much now. I also wonder - all these companies are paying for prime real estate, some day (sooner or later) when the majority of cars on the road are electric, what are they going to do with all that real estate? I guess people will just pull up and charge their cars instead of pumping gas? I rarely see an EV charging lot full as gas stations but then again most of the gas stations I stop at are right off the interstate.
The economy is explicable in only a few ways, IMO.
1. Profiteering and exploitation at the top. Trickle down has been proven to not work; 2020 was an ideal case in point. Record corporate profits lead to record CEO remuneration, but reduction in rank-and-file workers' real income.
2. Shareholder benefits. Many corporations, thanks to most governance over them, would be required to reduce worker wages if it's possible and doesn't hit profitability, simply because the rules say that their one top priority must be increasing returns to the shareholders.
3. Along with 2, therefore, Casino Economy. My analysis, not conventional wisdom, follows.
Back in the 90s (and late 80s) I learned, in my initial understanding of private investing, that the Stock Market is generally higher risk than other investments. You could go seriously conservative with Government Bonds, or you could go hog wild with Futures / Options trading, or you could do Precious Metals or you could do Public Utilities or you could just put everything into a bank Certificate of Deposit, etc.. So I learned, that "diversification" and "good investing" meant you put SOME of your money in the Stock Market, because it was on the riskier end. But now-a-days, EVERYONE has ALL their money in the Stock Market, buying and selling shares of companies, via their mutual fund managers. This is great for new enterprises which need investments in their start-up, very good for blue-chip and established companies that basically see growth (beyond mere profitability) as an aim, and idiotic for grandma and grandpa who need a reliable non-erase-able income. We've forced idiotic-ness onto grandma and grandpa. The bubble will burst. It's just a question of when.
Shailynn's post perfectly describes today's progressive America: rich people getting richer and living great, while the people they pretend to support watch everything around them crumble.
I know DC got decimated and a lot of businesses downtown closed because everyone was working from home during COVID and continued to do so, but on the other hand a lot of businesses have opened up in the suburbs because people found that they had to get out of the house some during the day and a lot of new lunch spots have benefited from this.
A few months back, someone posted a lot of long time mid-range restaurants that are crashing. Additionally, delinquencies on credit cards and car loans are accelerating (no pun intended.) Some asked "Are we in a recession?" Many times it depends on how it impacts you personally.
Stock prices drop mainly due to earnings forecasts from news and quarterly reports. Expensive places are doing OK. Dave & Busters will probably do better in a few months once football is back, yet, it is an expensive place to eat, watch sports and play games.
Compounding Inflation is really catching up with people. It takes a really long time to settle the American Economy.
And sure, these issues are popping up worse regionally. A lot is still very unsettled since COVID-19. As John McClane said in "Die Hard": "Welcome to the party pal."
people”.
-SkiDumb
My state has been consistently in the top economic growth areas since 2008. When the economic engine turns the other way, it tends to really slow down. Things don’t grow to the sky, so probably why you see so many people recommend cash to raise more liquidity for those future opportunities, which poor people will never have as they’re already priced out of the markets. We are becoming more and more about the haves and have nots, and that gap keeps widening since time began. On one hand those who have the means will keep many parts of the economy chugging along, but half of the population will barely be limping along, let alone trying to get ahead in life by accumulating appreciating assets. It’s a hard lesson to learn too late in life that you have to sacrifice a lot early on in life (financially too) to get ahead in life. I know there’s a joke about what the differences are between a recession and a depression, but sometimes it’s mostly about a certain mindset. For example with all the excesses we’ve had in the past few years, we should easily be able to stall consuming more if not necessary. It’s the reason why many people have been driving their used cars for longer periods than our past.