According to a new study conducted by Congressman Anthony Weiner, a member of the House Commerce Committee, more than 12 percent of community stores are vacant throughout the borough, with an alarming number of stores surveyed moving towards closing.
The survey contacted 1,730 stores located in some of Queens’ most prominent shopping districts, from Astoria to the Rockaways, and found that more than 211 had closed or were closing. These vacancy rates have doubled since last year, and many of these stores are suffering from the same financial malaise that has struck businesses across the nation.
“When the economy catches a cold, small businesses catch pneumonia,” said Weiner. “Too many community shops-the backbone of the City’s economy, are hit hard by this downturn.”
Of the ten shopping strips surveyed, Beach 116th Street in the Rockaways was hit the hardest, with 17 of the areas 40 stores either closed or closing. Electchester had the second highest vacancy rate, with 14 of the area’s 44 total stores closed or closing.
Neighborhoods with a larger number of stores, like the Sunnyside BID and Steinway Street in Astoria, were still suffering from a dramatic number of closures, but the sheer amount of stores helps keep the closings less noticeable. Unfortunately, on Jamaica Avenue between Lefferts and Woodhaven boulevards, home to 335 stores, 80 are closed or closing.
Jack Friedman, Executive Vice President of the Queens Chamber of Commerce, said that while Weiner’s study was on the right track, he couldn’t be sure how accurate the numbers were. “We don’t know how long many of these stores have been vacant, and we can’t say that it is directly related to the current economic situation.” He admitted that closures were on the rise, and that it would be getting worse before it gets better, but said that he was confident that the economy for small businesses would improve.
To prevent any more closures and strengthen the weakening small business culture in New York City, Weiner is hopeful that the Federal economic stimulus package will provide relief to these business owners.
As a part of the stimulus package, the Small Business Administration loan programs will be expanded, and existing ones will be strengthened to the tune of $750 million. The stimulus package will also increase the amount of money that small business owners can write off for equipment and property expenses from $125,000 to $250,000.
“The stimulus package will help jumpstart Queens businesses,” promised Weiner.
Friedman added that the stimulus package, which would provide loans to the businesses that would afford them a fighting chance of making it through the rough economy, would be a much needed aid for the small businesses of the borough. He also indicated that the Chamber’s “Keep it in Queens” campaign and small business initiatives discussed by Council Speaker Christine Quinn in her State of the City Address would further aid local shopowners.


It's Queens Magazine
