Rising store rents in Hoboken

4/10/2008:

This has been a much talked about subject in Hoboken: The insanely rising rents that cause local businesses to be forced out, only to make room for more chain restaurants or real estate offices that can afford the cost.

Hoboken411 reader Keith suggested we make a topic about it.

hoboken-chain-stores.jpg

“How do the dimwits who keep raising the rents in Hoboken plan on replacing the commerce with a recession looming?

Soon the only stores we will see on Washington Street will be the major chain stores. Part of Hoboken’s charm is the small business localized stores.

Just a matter of time before we have a GAP on every corner for Hoboken.”

In this capitalistic society we live in, it’s all about supply & demand. It’s fair game, essentially. If you owned a Washington Street property, and could get an extra $20-30-50k a year for your street-level unit, would you do it, even if it changed the character of Hoboken?

Where would your sense of responsibility to the community come in? I’ve heard some of these landlords are “very well off” and aren’t suffering financially in any way I know of. Is it greed? Desire for more, more, more? Are people no longer content?

What about us as the consumer? I myself, happen to love shopping at Target. But I do like supporting local businesses very much (especially food places), but at what point do our economic decisions also come into play? If rents were cheaper, would that enable local businesses to remain competitive with the Wal-Marts and Targets of the world?

Who’s to blame?

Leave a Reply

42 Comments on "Rising store rents in Hoboken"

bradykp
Member
bradykp

the ironic thing is all this is signs of economic progress for the city. i agree, i’d rather small mom and pop shops, but if they’re not willing or capable of upping their business to the next economic wave…then they get replaced. it sucks, but that’s how it works isn’t it?

if they purchased the buildings instead of renting, they wouldn’t have to deal with rent increases right? that’s a decision these shop owners made.

Indiecom@aol.com
Member

[quote comment=”77567″]Living in Hoboken is great because of the small hometown feel of Mom & Pop shops. From perfect original breakfast joints, to romantic restaurants, Hoboken is a great place to live. The little man stores are what Keep me living in this town. Once starbucks, A&F and outback steakhouse sit on Washington Street, I’ll know it’s time leave.[/quote]

Most of the new businesses we see are franchises, aren’t they? Cold Stone, It’s Greek to Me, Ben & Jerry’s, Rita’s, The Soup Man, Panara etc….not to mention the multiple Starbucks. There are very few Mom & Pop stores left. It’s too bad.

strand tramp
Member
strand tramp

you have to be in the asian money laundering business to get on washington street.

Inga
Member
Inga

I am a designer and was planning on opening up a small fashion boutique on Washington Street.
The rents are very high ( $8000.- and up) though and most of stores are asking for key money anywhere from 60K to 200K. I am shocked and I am wondering how these small boutiques survive with big expenses like that? I could go to Jersey City where I could rent beautiful brandnew store space for $1400.- but I happened to love the atmosphere in Hoboken with small shops and eateries.
Another thing is the info here that city hall is sitting on permissions before you can open your store. That would be devastating for a any new business.

Journey
Member
Journey

[quote comment=”77572″][quote comment=”77500″][quote comment=”77496″]

Chains thats need volume wont come also because you only have one towns business. No one is going to come to hoboken to shop with no parking. So its only local residents shopping. That works for chain food, not chain retail.[/quote]

What about the fact that you have the Light Rail, PATH and NJ Transit Bus/Train stations? I would imagine there are a lot of people in the surrounding cities that would take public transportation to Hoboken for an H&M.[/quote]

who is taking mass transit to shop at one store, or even 2 or 3? Most people will jump in there car and go to the mall or if they are taking mass transit to shop wouldnt you go to NY or even crappy Newport……[/quote]

I moved to Hoboken because I could go shopping via my own two feet or mass transit. I spent the majority of my life held hostage to towns where if you don’t drive, you don’t go out.

wpDiscuz