News
High Income, Low Unemployment Keep LI Retail Afloat
December 4, 2008
 |
| If Black Friday was an indicator, expect some softening in Long Island ’s retail market, but not a steep drop (and, we hope, no more stampedes). Although shoppers will be more conservative, high regional income and low unemployment will keep the sector afloat,NAI Long Island exec director Al Centrella told us in his Huntington Quadrangle office. |
 |
| Al says the recent opening of the Tanger Outlets at The Arches in Deer Park (pictured) shouldn’t bring gloom to the rest of the market, because it's attracting a different shopper, and shouldn't affect the others. The highly specialized stores tend to attract luxury shoppers and not those searching for the sales found at Riverhead’s outlets and local shopping malls. “With gas prices down, people will travel for discounts, which will save the market,” he predicts. City denizens are also expected to travel to the island for bargains. |
 |
| Al with associate director Dennis McCoy (visit them at ICSC Booth 312 at New York Hilton’s Americas Hall 1). Though the gauntlet has been thrown down on shopping centers and certain national retailers, other tenants will find opportunities in this market. Particularly, the pendulum has swung toward mom-and-pops, which can now negotiate with landlords; big box stores still want to expand; and small independent supermarkets will take the place of regional names like Waldbaum’s. |
