Small Businesses Continue to Suffer

[ExFlyBoy5]

On top of the labor issues, it seems like a lot of small businesses are also being hit with supply chain issues. One of our local coffee shops (that is owned by a couple that are USAF veterans with a young child) is closing up "temporarily"

From their website:

Quote:

Due to supply shortages and rising costs of goods we have no choice but to temporarily close our doors. Manufacturers are closing and product is harder and harder to come by. Thank you all for your continued support and we hope to be back someday! Our last day will be Sunday, September 5th. Limited menu as we are unable to get egg patties, cups, and many coffee flavors. Blessings pantry will stay up so let’s keep it going. Remember to keep it local and shop small. Small businesses need your support more than you know!

[njhowie]

This is interesting and there are mixed signals out there.

We've certainly begun to see some rebound, but I question how strong that rebound really is.

In NYC, small businesses have begun to see increases in traffic as restrictions were reduced. However, we've seen some larger businesses pulling out permanently and relocating elsewhere, whether for lower costs, tax benefits in the new location, or simply giving up on NYC for whatever reason.

On the other hand, in November last year, we were able to scoop up a 3 bedroom "flex" apartment for DD and a couple of roommates in a very nice area of midtown for $1900/month. We were well aware that amount was significantly lower than what it had been previously renting for. But at the time, there was a huge glut of vacant rentals and everyone just wanted to get paying tenants moved in. This past week, landlord gave 3 months notice that at the end of their 1-year lease they will be increasing it to $3400/month!!! We were quite surprised by that considering the rebound in business has not been that strong. We were figuring on maybe a 10% to 15% increase, not something closer to double.

[Ronstar]

Just saw that one of our local small businesses is closing on Fridays because they cannot hire people. And I've seen several businesses with supply chain issues. Lot of weirdness out there.

[Car-Guy]

In the past few months I've been seeing help wanted sign just about everywhere... It's no wonder why we have supply chain issues, higher wages, inflation, etc....

[MRG]

Help wanted, reduced hours, unexpected closings due to staff not showing up for work seem to be the new norm. Check out Reddit r/antiwork sometime to see the attitude of some workers.
Is this the new normal? I hope not.

[disneysteve]

This might be hitting small businesses harder but it certainly isn't unique to them. Major national companies are experiencing the same issues with labor shortages and supply chain disruptions. GM just announced they are shutting down production due to the chip shortages. I've seen a few articles warning about product shortages and delays with holiday shopping. Every week when I go grocery shopping, there are sections on the shelves that are empty because they just can't get certain products in stock.


Of course, if you only have one small store, those issues have a greater impact. We spoke to a small business owner in a nearby shopping village who has 2 stores there and is opening a third but has to keep delaying it because he can't get the supplies he needs, both merchandise and store fixtures. He has secured the items but can't get them shipped here.