Our blog community looks at the big picture and the local consequences of so many Americans buying cheap Chinese junk from Amazon.
One of the smarter denizens of our blog community asks: Is Kansas City Commercial Real Estate Upside Down?
Read more:
One of the smarter denizens of our blog community asks: Is Kansas City Commercial Real Estate Upside Down?
Read more:
America's 'Retail Apocalypse' Is Really Just Beginning
The so-called retail apocalypse has become so ingrained in the U.S. that it now has the distinction of its own Wikipedia entry. The industry's response to that kind of doomsday description has included blaming the media for hyping the troubles of a few well-known chains as proof of a systemic meltdown.
Never fear Amazon will deliver a roll of duct tape via Fed Ex overnight right to your home.
ReplyDeleteThe solution is simple. Take those closed shops and malls and make them apartments at lower rent levels.
ReplyDelete^^We can't do that because America hates its poor.
ReplyDeleteGood bye Plaza.
ReplyDelete^^Idiot. Moron. Dummy. Come back when you group up or complete your education.
ReplyDeletePlenty of signs locally, serving as the canary in the coal mine warning.
ReplyDeleteToysRUs closing all stores.
Independence Center put up for bid after ownership group defaults on loan.
Nordstrom's looking ahead and seeking refuge on exclusive Plaza, will flee from JOCO Golden Ghetto Oak Park Mall.
Metcalf South (95th & Metcalf) razed to the ground.
Amazon to launch their own delivery service fleet, and branching out into diverse fields like pharmacy and mortgage loans.
All grocery stores offering same-day home delivery service.
TONY needs to just Drive down Front Street "WEST" of I-435 in Missouri and along the NORTH SIDE photograph all the Vacant Boarded up former Fast Food joints
ReplyDeleteFormer TACO BELL
Former Subway
Former BAR B Q Joint
Former KFC Chicken franchise
all built right next door to each other
Too many fast food joints built on top of each other
too many WAL MARTs built within damn near walking distance of each other
Too many food places built right next door to each other competing for business, eventually several close and leave an area Blighted and run down.
The stupidity of Corporate America the last few decades is really catching up to them now and its showing !!!!
Those Fast Food joints closed along Front Street, closed back in 2009/2010 too,, been quite a while.
ReplyDeleteTheir still sitting vacant today , weeds grown up around them, windows boarded up , graffiti all painted on the buildings.
right up there with that PARK PLACE HOTEL that was left in total ruins by its out of state owner, who let it go into ruins, that's cost KCMO Taxpayers millions to tear down recently , for those who kept up on that fiasco .
To 9:14's point, I wrote about this on www.jocopost.com, about John Petersen, the vampire of the Joco retail apocalypse, who has put a clever twist on it. He and his partners bought the Dillon's grocery complex at 75th & Quivira, and are putting apartments there, in a sea of what we think of as Section 8, now called just "subsidized housing", only Petersen is putting in a fountain and two fast food drive throughs, and his rent will be about $200 higher than current subsidized units, ---
ReplyDeleteand he is branding it as "upscale luxury living!"
It's the Johnson County way, TT
ReplyDeleteClaire's also file for bankruptcy today.
ReplyDeleteGood thing we have a stable genius that is a real estate tycoon with personal expertise in debt and filing bankruptcies in the White House.
This is one of the most important, eye-opening stories Tony has ever posted. Open the article look at the enlarged map. It's far more illustrative. KC metro is ground zero, in the absolute worst category, (blood red). 26% to 53% of our retail loans are delinquent!
ReplyDeleteAs DeBergerac pointed out last week, on a different TKC post, this is equivalent to the banking meltdown of 2007/8. Every strip center and mall could be folding eventually. And what happens? Like Bear Stearns did, developer financiers, sweep in and harvest the living parts of dead or declining properties.
As I have pointed out, folks like Polsinelli's John Petersen are not just development ATTORNEYS. They are silent partners, taking a 15% ownership of their fronts, their clients' properties--when they go to city councils and state legislators, for TIFs and CIDs and other retail welfare. Including sales taxes rebated back to the retailer and their vampire attorneys to pay for their refinancing and their remodelling in desperate attempts to prop up a dying industry: brick and mortar.
The ultimate result? It will cost every taxpayer or homeowner vastly more to shop ANYWHERE LOCALLY. For example, Shawnee's sales tax stands at 9.6%. But John Petersen's drive-thru restaurants at Westbrooke Village's new upscale apartments were just awarded what--an additional 1%? 1.5%? In HIS pocket, not the city's, for the next 20 or 23 years?? Where does it end?
When our homes need remodelling, we pay out of our pockets. But when retail malls and strip centers and fast food restaurants need remodelling, they threaten to leave town, and the local elected officials panic and fork over Retail Welfare, in the form of CID's.
We need to band together. Just.Say.No to retail vampire developer attorneys who sweet talk elected officials with a combination of threats--and free giant yard signs for their upcoming re-elections.