More New Stores Downtown Despite Economy

New stores opening in downtown Cranford outnumber the stores closing, despite harsh economic times.

“The serious economic conditions have magnified the attention to business closings but in fact, businesses in malls, on highways and in downtowns open and close on a regular basis. It's the nature of retail,” said Kathleen Miller Prunty, director of Cranford District Management Corporation (CDMC), the township entity charged with economic revitalization and marketing.

Encouraging signs for downtown Cranford have continued in 2009 with the opening of nine new stores. Additional new stores are slated to open before the new year.

“Two will open mid-to-late September and there is strong interest from at least four others,” said Prunty.

However, this is not to say that the bad economy has had no adverse affect on downtown Cranford.

“The town has lost a few businesses and others are struggling,” said Jim Sweeney, owner of The Rocking Horse, an independent toy store featuring personalized gifts. “They’re certainly not making the same revenue as before.”

In fact, a total of six stores have closed this year. Three of them were independent businesses, and the other three were chains: Blockbuster, Drug Fair and Cartridge World.

“The established businesses that have closed are national or regional chains,” said Prunty. “The independent businesses that have closed did so for various reasons: retirement, insufficient capital or poor business/management plan. Cranford's downtown businesses are primarily independently owned.”

Prunty said it's important to keep an eye on the bigger picture in downtown business districts.

“Remember that every vacant store represents an opportunity to attract a new business,” she said.

Sweeney, whose store is located at 29 Alden Street, said he’s hoping the economy shifts come the holiday season. “The holidays are always our busy season,” he said.

However, retail and downtown planning experts are not as optimistic. They expect to see the improvements begin in the spring of 2010.

“Don't look for a big jump,” Prunty said. “It will likely be slow but hopefully steady.”

But it’s not all bad news. The CDMC feels there may have already been slight improvements to the economy.

“The cash registers may not be ringing as much but the fear factor isn't as elevated as it was a few months ago,” she said. “People remain cautious and are more selective about how and where they spend.”

Regardless of when the economy will shift, Sweeney said, his strategy is to continue to build his business.

“Don’t get in over your head,” he suggests. “We’re working on a slow, gradual growth.”

For Cranford business owners who want to learn about surviving in this economy, the Cranford District Management Corp. runs monthly Retailer Roundtable discussions on a variety of topics: from how to use the Internet to boost sales to basic customer service, product display and advertising. The CDMC also shares tips and advice in a monthly newsletter, “Just for Business Owners.” They can be reached at (908) 709-7208.