Editor’s note: Last week, TBE looked at the storefronts currently unused and available across our town. In today’s article, we will examine the possible causes of this problem. As was stated last week, this is not an issue unique to Bristol, but maybe there are certain factors that make Bristol’s situation unique.
Since we received no response from two large real estate companies handling leases for the Bristol Plaza and Bristol Commons, TBE relied on responses from a local official for his perspective on the number of empty storefronts in the city.
Bristol’s Director of Economic Development, Justin Malley, pointed to four areas behind the empty storefronts: 1) businesses rely on potential income and often that data is tied to highway access and a town’s socio-economic profile, 2) online purchases cut into sales by storefronts, 3) the economy is still recovering from the COVID-19 pandemic and 4) the impact of the general overall state of the economy.
Here are some of Malley’s observations:
Highway access and Bristol’s demographics
“It’s income, it’s literally the number of people that they think have enough money to go into their store. It is distance from a highway. It can be how many people have a college or advanced degree and things like that. So, there are certain retailers that we (Bristol) will never even show up on their radar and if we did for some reason, they would quickly look at the data and just say, ‘No, thank you.’ “
The ‘Amazon factor’ or e-commerce
“You have to feel that the digital age is sort of changing shopping patterns. It’s the convenience factor for a lot of people, and I think it’s an age thing too; younger folks just appreciate the convenience factor and maybe they don’t appreciate as much as some of the older generation the actual experience of in-person shopping.” (Recent research has found that on-line shopping accounts for close to 14 percent of retail purchases. That alone could explain why businesses are hesitant to try opening any time soon.)
Reverberations from COVID-19
Of course, one obvious cause of so many empty storefronts was the impact of COVID. When COVID came along, the impact was devastating for two or three years. And in some cases, the impact has lingered. Malley related an example of a local hair salon, in which the owner said that during that time some of her customers became self-dependent because they learned how to literally color their own hair and realized that they were able to do it to themselves.
The state of the economy
“Businesses are taking it on the chin a couple different ways. The cost of doing business is higher, but then also their customer base is experiencing the same squeeze. So, the businesses have to pay higher costs just to operate, and at the same time their customer base is getting squeezed — so it’s a vicious cycle.”
TBE also attempted to discuss this problem with two large real estate companies handling the leases for Bristol Plaza and Bristol Commons. Blackline Retail group handles leases for the Plaza, and Ripco Real Estate is the agent for Bristol Commons.
TBE contacted both companies, asking the following questions:
- What do you think are the issues that are making it difficult to lease available retail space?
- Is online retail like Amazon part of the problem?
- Is the local economy an issue?
- Is Bristol‘s lack of highway access still a problem in this town?
- On the other side of the equation, does Bristol offer any incentives for people to start a business or locate a business in our town? Does the state of Connecticut offer any incentives?
- Do you think the price of square footage in these leases is too high or is it about right? Are there any other issues that I have not mentioned?
Neither of the real estate companies responded to our inquiries.
Observations
One thing in Bristol has remained constant. For years, people in this town have complained about the fact that you have to leave Bristol to enjoy any or all of the following:
- See a movie
- Eat at a nice restaurant
- Buy a pair of shoes or a suit coat and tie
- Go to a concert or a play
- Buy an electric appliance or furniture
An issue like #4 should be settled by the beautiful new Rockwell Theatre at Memorial Boulevard. But all of the other complaints will still exist.
It appears that Bristol will never get any closer to a major highway. And our socio-economic factors will stay basically the same; Bristol has been and always will be a middle-class town. So, what are the answers?
Next time — Part Three
TBE will attempt to examine possible solutions to help Bristol fill up our empty storefronts when we look at ideas and proposals next week in Part Three of our four-part series: “So many empty storefronts in Bristol plazas. Why?”
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