Empty Storefronts Growing in Downtown Rye

No corner of this country has been immune to the economic downturn.

From Wall Street to Main Street, everyone has felt the sting of sliding home values, unemployment, wage cuts and tighter budgets.

Now Purchase Street is also feeling the pinch.

If you've walked around downtown Rye lately, you've probably noticed a lot of "For Lease" or "For Sale" signs in storefront windows. If you peer inside, you may see that some of these properties are vacant.

At the end of January, another store will be shutting its doors on Purchase Street.

After 26 years in business, Debbie Barnwell is closing her women's clothing and accessories store, Panache.

Barnwell said business at her store last year was quiet and the slowest year since she opened.

She said she managed to pull through but lost a lot of profit due to high rental costs. Her rent has gone up every year, an expense that can be as costly as $75 per square foot in Rye, Barnwell said.

"Things are not what they used to be. Who knows when they'll come back," she said.

Sally Wright, vice president of communications for the Rye Chamber of Commerce, said skyrocketing rents are partially to blame for the closing of businesses in the downtown area.

"It's a bit of a juggling act and some [businesses] can't do it," Wright said.

Wright said there's nothing the chamber can do to prevent landlords from raising rental fees.

"It's a free market system," she said.

Compared to neighboring New York City and Fairfield County, Westchester typically has been a more attractive and affordable option for businesses looking for retail and office space. In 2008, average asking rents were between $27 and $32 per square foot in Westchester, compared to between $58 and $90 per square foot in Manhattan and $27 to $38 in Fairfield County.

Westchester has also had more availability than nearby areas. Availability rates for office leasing and rental space in the county are usually less than 20 percent. However, that figure has increased slightly since the recession began in 2007, according to data from the county's planning department.

Wright said about six or seven spaces in downtown Rye are vacant. Sasha's – a boutique for girls located on Purchase Street – is also closing its doors.

Still, those with some Rye-based property management companies said it's not solely the rental prices that are causing the downturn.

David Saunders owns the space once occupied by Love by Bella Fiore, a women's upscale boutique. The space has been vacant for several months. Saunders also owns the space that used to be the location of the old Sam Goody store. That property hasn't had a tenant in at least two years, he said.

Saunders said he's lowered rental fees for many of his properties.

"It doesn't matter how much you're asking for rent. No one is looking to lease," he said.

Wright, however, is optimistic.

"It's discouraging to see store fronts empty but Rye is a lovely community and shopping district," she said. "People want to be here."

There could be hope for a turnaround.

For example, when Barnwell closes Panache at the end of this month, a physical trainer is going to rent the space once occupied by the store.

More business owners are also trying to join the Chamber of Commerce, Wright said.

She added that empty storefronts in downtown Rye may only be a temporary occurrence.

"I think we'll come out of it," she said.