Central Jersey Retail Vacancies Increase [AUDIO]
Retail store vacancies have increased slightly in Central Jersey according to a new report.
According to a survey by R.J. Brunelli & Co, a number of empty larger stores have found tenants, but small store vacancies are on the rise.
Rutgers economist James Hughes said many of these small retailers were hit hard by the economic downturn, which is unfortunately the norm during a recession.
“We always have a high casualty rate among small business and small operators, and so we’re still going through a major readjustment,” said Hughes.
The survey also found that almost 75 percent of the vacant big box stores have been dark for more than three years.
Hughes said that store retailers large and small continue to wrestle with changes brought on by the growing increase in online retailing.