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What's the future of retail in Western New York?

Video Credit: WKBW Buffalo - Duration: 03:54s - Published
What's the future of retail in Western New York?

What's the future of retail in Western New York?

Some believe the pandemic created the perfect storm when it comes to the demise of brick-and-mortar retail.

YEARS.THE WOMAN WASTAKEN TO THEHOSPITAL.HER NAME ANDCONDITION HAVE NOTBEEN RELEASED.SOME EXPERTS ARECALLING THIS THEPERFECT STORM FORTHE DEMISE OF BRICKAND MORTAR RETAIL.DOZENS OF STORESHAVE DECLAREDBANKRUPTCY DURINGTHE PANDEMIC.BUT EMPTYSTOREFRONTS AT THEWALDEN GALLERIACOULD HAVE A MUCHLARGER IMPACT.TONIGHT NIKKIDEMENTRI GOES INDEPTH AT THE FUTUREOF HOW WE SHOP.31 ONE YEARS AGO"THEY LINED UP EARLYTO BE THE FIRST TOEXPERIENCE THEGALLERIA'S GALAPREVIEW"WESTERN NEWYORK'S "GEM" OF THERETAIL WORLDOPENED ITS DOORS."YES, OUR MAINPROPERTY IN TOWN."THE WALDENGALLERIA INSTANTLYBROUGHT HUNDREDSOF JOBS TOCHEEKTOWAGA.

ANDDECADES LATER..

ITCONTINUES TOGENERATE MILLIONSIN SALES ANDPROPERTY TAXESTHANKS TO SHOPPERSFROM ACROSSWESTERN NEW YORKAND CANADA." "BUT NOW"IT'S NOWHERE NEARWHAT IT USED TO BE.""CAR SWISH"A GIANT STORECLOSING BANNERHANGS OUTSIDE ONEOF THE GALLERIA'SANCHOR TENANTSLORD ANDTAYLOR.JUST A FEWWEEKS AFTER THERETAILER DECLAREDBANKRUPTCY.

THEHOME OF ANOTHERLONGTIME ANCHORTENANT SEARSSITS MOSTLY EMPTYON THE OTHER END."LAST YEAR WE HADABOUT 10,000 STORECLOSINGS.

WE'REALREADY THERE THISYEAR.

WE'RE LOOKINGAT ABOUT 25,000STORE CLOSINGS BYTHE END OF 2020 WITHABOUT 50% BEING INMALLS."IT'S A TREND SEENALMOST WEEKLYSINCE.WITHHOUSEHOLD NAMERETAILERSGRABBING SIMILARHEADLINES.WHILE THE BIRTH OFONLINE SHOPPINGDECIMATED RETAILERSYEARS AGO.NOWRETAIL EXPERTCHARLES LINDSEYSAYS THE PANDEMICJUST ACCELERATEDTHE INEVITABLE OF ASECOND WAVE." "BUT ASIDE FROM THERISE OF ONLINESHOPPING, LINDSEYSAYS THERE ARETHREE OTHERFACTORS AT PLAY FORWESTERN NEW YORK:OVERBUILDING WHENIT COMES TO OTHERMALLS LIKE MCKINLEY,BOULEVARD ANDEASTERN HILLSA SHRINKING MIDDLECLASSAND A GENERATIONALSHIFT FROM BABYBOOMERS TO GEN Z"A LOT OF PEOPLETHEY ONLY THINKABOUT THE VARIOUSSTORES CLOSING ANDTHEN THE SECONDLEVEL OF ANALYSIS ISOF COURSE, THEWORKERS AND THEIRFAMILIES.

BUT THERE'SA THIRD LEVEL OFANALYSIS.

IT'S AMULTIPLIER EFFECT.

ITEFFECTS THECOMMUNITIESGREATLY."AND IT'S THATPOTENTIAL LOSS OFSALES AND PROPERTYTAX THAT WORRIESCHEEKTOWAGA TOWNSUPERVISOR DIANEBENCZKOWSKI."WE ARE GOING TO BEIN A VERY, VERY TIGHTSITUATION."THAT MONEY FLOWSINTO THE TOWN'SGENERALFUND.WHICHCOVERS EVERY DAYOPERATIONAL COSTSFROM TRASH PICKUPTO YOUTH ANDRECREATIONSERVICES."MAYBE DO MOREWITH LESS OR DOLESS WITH MORE.

WEGURE OUTA WAY TO CUTSPENDING SO THATWE ARE NOT GOI'S RETAILLANDAPE UNIQUEARE CANADIANSHOPPERS.LAST YOLLARSHE GALLERIA.NOW.

ONTAREPARKING OT ARE NCIES.

THEY'REEFOURTH QUAR TO BEDEVASTATING TOLOCAL WESTELINDSAY SAYS,HE'S NOT DCANADIANS WILLCZKOWSKIDISAGREES.POINTING TO LOWALKERS AND "FOR NOW WE'ROKAY.

I'M JUST NOTFUTURE."LINDSAY BELIEVES"FLAGSHIP MALLS"LIKE THWILL BE ABL.REGIONAL MALLCOU BE DIFFERENT ST"THEY SAYAROUND, COMESAROUND.

IN MANYWAYS WE'RE GOINGBPIC IN THERETAIL WORLDMIXED USE ORLIFESTT EGIONALMALLS LIKE EASTERNHIL ONTRO."IT'S REALLY EITHERCONVERT TO MIXEDUSE FOR MOSTREGIONAL MALLS ORDIE."LINDSAY SAFUTURE OF MALLSEXPECT TO SEE GREEN SOF A RETAILSIGNIFICANT GROWTHIN CURBSIDAND EVEN THEPOSSIBILITTAILORS" LIKE WARBYPARKER USING EMPTYMALL SPACE FOR AMESSAGE TORESIDENTS ASSIT HERETHE WALDENGALLERIA.D: YES.

WELLBE POSITIVEAND WORK WITH THEPYRAMIBRING IT BACK ANDG.

WEDON'T WANAUSE THEYDO HELP PAY ONDONEDPROPERTY INCHEEKTOWA




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