New Target threatens local business
Ever since Amazon and other big e-commerce businesses started to take over the in-store shopping experience, many big-box retailers have shifted their focus to online sales and have been busy closing down their physical stores. For one retailer, however, the rise of internet shopping and the slowdown in consumer spending has yet to rain on its parade.
On April 30, Target announced that it has signed a lease to open a new store on 145 Clinton Street. The company’s new location will take up about 22,500 square feet of retail space at Essex Crossing, the 1.9 million square foot development project on the Lower East Side. Small retailers in the area are the likeliest to be affected by the change as they will probably be unable to keep up with the low rates provided by the chain and ultimately lose many of their customers.
In addition, chain stores often sap out the revenue in the local economy.
Local business owners are more likely to reinvest their profits into their stores and keep money circulating within the community. While the project is expected to bring in new business and employment opportunities to the neighborhood, the arrival of large stores like Target will come at a great cost.