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Re: Jersey City feeling the effects of recession?
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fat-ass-bike wrote:
Bush tells us that we are not heading for a recession, that's because we a heading for a depression.

Interesting how we can find billions of dollars for war, but can't find a few quarters for housing relief, education and health issues.



http://www.syntagmamedia.com/2008/02/ ... ssion-caused-by-iraq-war/

Posted on: 2008/4/11 4:17
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Re: Jersey City feeling the effects of recession?
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Bush tells us that we are not heading for a recession, that's because we a heading for a depression.

Interesting how we can find billions of dollars for war, but can't find a few quarters for housing relief, education and health issues.

Posted on: 2008/4/10 22:33
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Re: Jersey City feeling the effects of recession?
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Jersey City feeling the effects of recession?


Not yet, give it another 3-6 months.

Posted on: 2008/4/10 22:07
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Re: Jersey City feeling the effects of recession?
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I think that Jersey City should be doing better because of fears of recession. My friends and I live in hoboken, and we are looking to move to JC because rents are cheaper. Not only that, but we rather pay the 1.90ish to get to JC to go out on the town for the night because it is soo much cheaper than going into NYC or even just going around to the different hang outs in Hobo.

Posted on: 2008/4/10 22:05
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Re: Jersey City feeling the effects of recession?
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Small business in JC is also hampered by the fact that retail tends to be cannibalized by the mall. If there was no Newport Mall, I think downtown retail would have developed more/faster and there would have been greater demand for niche shops, hence more pedestrian traffic, a livelier downtown. Imagine if all the retail inside the mall were located instead along Newark Ave, Columbus Drive, Grove St, Grand, etc.

Posted on: 2008/4/5 19:09
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Re: Jersey City feeling the effects of recession?
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Thanks guys. I think this is a really interesting topic because I read a lot on this forum how residents are always wondering why some great commercial properties in downtown are vacant ..... but are people shopping at the places that already exist? mark: i'm so happy to hear your business is doing well. and i know i def watch my spending like one of the other comments said, but at the same time there are a lot of niche shops that are missing from JC. and i try to put my money into the community as much as possible.

Posted on: 2008/4/5 15:31
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Re: Jersey City feeling the effects of recession?
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I haven't really noticed any recession at my business... in fact sales are way up so far for 2008... but I think my business is a little strange in that for musicians, it's really a necessity and not a luxury for some items. I think it's really a case-by-case situation... other downtown business owners that I've spoken to are definitely worried... not only did Janam close/move, but Kinaret closed last week as well.

Mark.

Posted on: 2008/4/5 11:59
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Re: Jersey City feeling the effects of recession?
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kellygreen wrote:
i've been discussing this topic at length recently and would be curious to get the thoughts of local residents and business owners --- is jersey city, downtown in particular, feeling the crunch of recession? have we as residents been pulling back on spending money locally or are we rejecting the big box businesses and relying on our local small businesses even more?


I try as much as possible to keep my $$ local and try to support local businesses such as hair and nail salons, restaurants, veterinarian, car mechanics, etc.

For food shopping, clothing, pet medications, and other high ticket items,I find myself shopping the big box and larger chain supermarkets and stores, some in Jersey City some outside of JC that offer bigger sales, lower prices, and where we can use coupons etc.

I've always been a "good" shopper and I'm very frugal in some areas that allows me to spend more freely when it comes to my impulse buys.

I think my recent budget cuts have been more because my dog has been ill and the Vet bills and costly medications were quite high. My dog has but me in my own mini recession.

I do thank you for starting this thread because it does make me aware that during these times, the mom and pop stores do suffer and I will make it a point to keep supporting them as much as possible.

Posted on: 2008/4/5 4:31
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Re: Jersey City feeling the effects of recession?
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I try and keep my "splurge" spending to a bare minimum. I brew my coffee at home and take it to work (I might splurge once or twice a month and get a Dunkin Donuts latte). I borrow books from the library but if there's a book (or CD or DVD) I *really* want, I buy used.

I try to get as much out of my grocery dollars as I can. When pantry staples (tuna, pasta, peanut butter, coffee, etc) are on sale I stock up. I even bring a calculator to make sure that a "bargain" really IS a bargain. Sometimes I'll even buy certain items at Target because they're cheaper than a supermarket. I don't order food out or go out to eat more than once or twice a month.

I try to never use ATMs that aren't affiliated with my bank, but sometimes shite happens.

It may not sound like much but the savings can add up. The next thing I have to work on is the storage space I rent. It's "only" $65 per month but that's an extra $65 I can save or put towards bills. Maybe I'll have a "stoop sale" when the weather gets warmer.


Posted on: 2008/4/5 4:01
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Re: Jersey City feeling the effects of recession?
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Janam moved to the West coast, so it's probably not representative. Still, if prices stay higher, the real estate market stays bad and job cuts continue -- especially on Wall Street - you will definitely see an impact around here sooner or later.

Posted on: 2008/4/4 15:44
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Re: Jersey City feeling the effects of recession?
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Janam closed up shop and that was a good place. Watch new restaurants like Ox to see how they do. My guess is yes, recession fears are impacting spending...

Posted on: 2008/4/4 15:17
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Re: Jersey City feeling the effects of recession?
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scooter wrote:
With the credit crunch still in effect despite the recent interest rate cuts, it's the waterfront developers who only want to do what's best for us I'm worried about.

I think we should retro-actively adjust the existing PILOT rates down to compensate - after all the waterfront and Jrnl. Sq. are blighted areas with nothing going for them, either geographically or infrastructure/mass transportation-wise.


Thank god you've got a City Hall full of politicians (9 council members and one hefty mayor) with the conviction to do just that: approve 20 year tax abatements for market-rate, luxury condominiums in the wealthiest of neighborhoods in downtown Jersey City. In 2008.

Good thing they've accepted campaign contributions from these developers, their associates, and their attorneys, too. At least the developers are paying somebody for the privilege to have their buyers not pay for our city's schools for the next 20 years (as local control of our schools and their ginormous budgets looms ever closer).

Posted on: 2008/4/4 4:24
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Re: Jersey City feeling the effects of recession?
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kellygreen wrote:
i've been discussing this topic at length recently and would be curious to get the thoughts of local residents and business owners --- is jersey city, downtown in particular, feeling the crunch of recession? have we as residents been pulling back on spending money locally or are we rejecting the big box businesses and relying on our local small businesses even more?


we've definitely cut down on our discretionary spending - eating out less, driving less, clipping coupons and trying to find the best grocery deals - indirectly, I think we have helped JC since we (and friends) will often opt to eat out locally as opposed to the more pricey Manhattan restaurants.

Posted on: 2008/4/4 3:23
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Re: Jersey City feeling the effects of recession?
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With the credit crunch still in effect despite the recent interest rate cuts, it's the waterfront developers who only want to do what's best for us I'm worried about.

I think we should retro-actively adjust the existing PILOT rates down to compensate - after all the waterfront and Jrnl. Sq. are blighted areas with nothing going for them, either geographically or infrastructure/mass transportation-wise.

Posted on: 2008/4/3 19:50
"Someday a book will be written on how this city can be broke in the midst of all this development." ---Brewster
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Jersey City feeling the effects of recession?
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i've been discussing this topic at length recently and would be curious to get the thoughts of local residents and business owners --- is jersey city, downtown in particular, feeling the crunch of recession? have we as residents been pulling back on spending money locally or are we rejecting the big box businesses and relying on our local small businesses even more?

Posted on: 2008/4/3 19:32
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