Rising store rents in Hoboken
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.
“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?