As small businesses suffer in pandemic year, a reminder about delayed retail at Atlantic Yards/Pacific Park (plus tomorrow's vague meeting agenda)

Last week, the Brooklyn Chamber of Commerce released 2020 Year End Small Business COVID Impact Survey Results, indicating some grim news: 80% of all businesses, and 77% of M/WBE businesses had lowered revenues last year, and 47% of those losing revenue said it was by more than half.

Of the 13% of businesses that reported an increase in revenue, they were concentrated in the healthcare, construction, and consulting sectors. (Here's coverage.)

Note: revenue decline doesn't necessarily translate fully to financial losses, because they might have lowered costs somewhat. Indeed, 85% of all businesses cut their employee headcounts.

The outlook is grim, since 33% of all businesses owe some back rent, and 49% of all businesses did not receive any rent concessions. Of those businesses receiving concessions, 20% got rent reductions and another 20% got rent deferrals.

More than half those surveyed, 51%, said they increased debt. Some 75% of small businesses received a Paycheck Protection Loan (PPP), 53% received an Economic Injury Disaster Loan (EIDL), and 17% got other financial support, including unemployment insurance, friends/family funds or a personal loan.

The upshot, according to Randy Peers, President & CEO of the Brooklyn Chamber of Commerce. "We need to urgently re-open more of our economy and access much more federal support if our small businesses are to survive in 2021."

Note that "re-open more of the economy" also depends on such things as vaccinations.

What about Atlantic Yards/Pacific Park?

The upshot for Atlantic Yards/Pacific Park: there are still question marks about empty retail spaces.

It was nearly a year ago, at a 3/3/20 public meeting, that Greenland USA's Scott Solish said a retail tenant was soon to be announced at the 38 Sixth Avenue (B3) tower, but that never happened.

Similarly, two retail spaces remain empty at 461 Dean Street (B2), which has an ownership unrelated to Greenland Forest City Partners, and has no presence at public meetings like tomorrow's bi-monthly Quality of Life meeting.

There's still a retail space empty at 550 Vanderbilt (B11), as well, given the absence of the once-planned Eladia's Kids.

At 550 Vanderbilt, Ciao Gloria cafe, Van Leeuwen ice cream, and Beer Street South remain open, as is BKLYN CLAY at 535 Carlton--albeit all under constraints.

Perhaps we'll find out more about the overall retail picture at tomorrow's meeting. The agenda, as seen at right, is typically general.

Atlantic Yards Project – Quality of Life Meeting
Tuesday, March 2, 2021 @ 6 pm
Via Virtual Conferencing
https://zoom.us/j/94517394934
Dial In: +16465588656,,94517394934#
Meeting ID: 945 1739 4934