How To Save Brooklyn’s Retail Corridors
On Friday, June 17, the Brooklyn Chamber of Commerce will host a panel discussion at St. Francis College titled “How to Save Brooklyn’s Retail Corridors." Featured panelist Timothy King, a managing partner at CPEX Real Estate, provided us with a preview of some pressing issues the panel discussion might address.
What measures can tenants, landlords and city government take to foster a positive business environment?
To illustrate why such measures are necessary, Tim shared his experience trying to use the New York State Small Business Wizard tool to “open” his pretend store in New York City.
“Even in trying to open the most vanilla business possible—no liquor license, cigarettes or Lotto tickets—I was bombarded with a series of increasingly perplexing questions such as, ‘Are you selling a petroleum product?’ Then the tool shut down on me mid-form,” Tim says.
These types of inefficiencies and complexities that mire the startup process discourage entrepreneurship and raise the barrier to entry for small business owners who lack the same access to resources as more established retailers.
“Making this form more expedient and user-friendly is just one way to foster a more positive and encouraging business environment,” Tim says.
Opportunities and challenges in the Brooklyn retail market represent two sides of the same coin.
As population, traffic and retail viability all increase in Brooklyn, tenants are afforded more opportunities to enter and capitalize on the lucrative market with a new business venture.
By the same token, this presents additional challenges for prospective entrepreneurs as rents increase along with demand and competition for valuable space.
“The significant changes happening in Brooklyn are welcomed and criticized, but intrinsically linked," Tim says, "emblematic of the two-sided coin that drives up revenue and costs simultaneously."
That’s just the tip of the iceberg. Tim will be joined on the panel by Carlo Scissura, chamber president and CEO, 52nd District assembly member Jo Anne Simon, 39th District council member Brad Lender and Larisa Ortiz Associates principal Larisa Ortiz.
“I’m looking forward to a lively conversation and uncovering some solutions to help the Brooklyn retail landscape,” Tim says. They will delve into this topic and other related ones, so for more information on Friday’s event and how to attend, click here.
