I’m sure the craziness of the situation in NY State has a lot to do with all these closures, I wonder if this is just the canary in the coal mine, starting in NY because of bad politics but spreads to other similar states and finally to the rest of the country as a whole due to the bad economic policies coming out of Washington.
The amount of debt not just in Washington but in the rest of the economy is off the charts, sooner or later that debt will be called in.
New York is falling apart.
I spent FRI liquidating NY and NYC corporate and tax free muni bonds from clients accounts. A+ or better Moody's/S&P ratings be damned. I put them into TEX ISD and MUD tax free bonds and other red state munis.
GOOD!! They are closing because of theft, but we MUST BOYCOTT EVERYTHING THAT ANY DEMOCRAT OWNS, RUNS OR HAS ANYTHING TO DO WITH THE COMPANY!!
And there are STILL New Yorkers cheering Biden on.
Draw a circle around the New York chitty area and that would cover most of the closures.
James Michael Curley, a four-time mayor of Boston, used wasteful redistribution to his poor Irish constituents and incendiary rhetoric to encourage richer citizens to emigrate from Boston, thereby shaping the electorate in his favor. As a consequence, Boston stagnated, but Curley kept winning elections. We present a model of using redistributive politics to shape the electorate, and show that this model yields a number of predictions opposite from the more standard frameworks of political competition, yet consistent with empirical evidence.
You’ll note all these closing shops are “low-end” and relatively low-cost outlets
IMHO America’s economy is becoming feudalized, with a few well-connected elites running the empire, while average people with limited options become poorer.
It an economic phenomenon as old as time - fiat money debasement, inflation, increasing government central-planning leading to cronyism, Cantillon effects.
I wonder what the impact of that verdict does to businesses as well. It has to send a chill through all of them, because who knows how a business might be impacted by states that operate upon whims.
You can’t make money if the community you serve overtly tolerates petty larceny and almost never arrests felons.
Hard to perform as a store when everyone's stealing from it and you're not allowed to do anything about it
So all those people who work in those stores are now unemployed.
Interesting... when I lived in Boston, Stop and Shop was the really run down second rate grocery store — while its competitor Star Market was always clean, well staffed and had quality products.
Victory Market was the best, though. Don’t think it even exists anymore.
Kind of like down here in Florida — Winn Dixie is the run down place, Publix is the quality grocery store.
Marty the Robot. Interesting.
Flee New York like your life depends on it.
Because it does.
This is bad management by Stop & Shop - Wegmans is killing them. Stop & Shop was also one of the more insane stores during Covid - they had security guards at their entrance screaming at people to “pull your mask up!” People did not forget the treatment of customers by Stop & Shop.
They “revamped” the two Stop N Shop stores in our area in recent years, making them look less like a traditional super market but not quite like a Costco - somewhere inbetween. The half-in half-out style is not pleasing and I’ve pretting much quit shopping there, as we do have alternatives here.
It doesn’t say how many locations are closing, or even how many of the closing stores are in New York.
Stop & Shop is headquartered in Massachusetts. It dominates in Connecticut as well. Only 25% of the stores are in NY, and I don’t think any are in the boroughs, as they have been full sized for decades.
Grocery store chains come and go in the northeast. They grow, shrink, change names, merge, go out of business.
I have seen over the years First National/Finast, Waldbaums, Shop Rite, Big Y, Shaws, Edward’s, Big Buy, Heartland/Purity Supreme, Everybody’s . . .
They all go through changes. Walmart and Aldi are probably immune because they are differeny models, but standard full-sized supermarkets? Ebb and flow.
Forget the jobs statistics: Smoke & Mirrors. The big bad long Recession is on the way.
Stop and Shop is the store chain.
“As for which Stop and Shops will be closing, that hasn’t yet been announced, but closures will affect some of their 400 locations across 318 cities in five states in the northeast.”