What recession?
North Carolina's most popular attraction is a shopping mall.
On any given day, thousands of people visit Concord Mills to take advantage of deals, to have dinner and a movie, and just to get their exercise. (If there's no one in your way, and you're moving at a good clip, it takes about 15 minutes to make one lap inside Concord Mills.) The fact that Concord Mills is so close to Lowe's Motor Speedway, which hosts two major NASCAR Sprint Cup Series events every year - including the longest stock car race in the United States, the Coca-Cola 600 - certainly helps draw in the crowds.
Yesterday, my brothers and I decided to drive out to Concord Mills. The parking lots were covered with cars as far as we could see. Even with it being the last weekend before school starts, with parents and children doing their last-minute shopping before the return to class, this would be a typical Saturday night at the mall. Which leads me to the question, what recession?
Although it doesn't seem like people have stopped shopping, we also observed the effects of the economy even within the mall. One small clothing store was going out of business; a sports memorabilia store had gone out of business; several other stores were offering deep discounts on their merchandise.
And then there's what used to be Circuit City, in the same corner of the mall as the Bass Pro Shops. Thousands of square feet of prime retail space that used to house the latest in computers and TVs now sits empty, waiting to be filled with something else. It used to be a matter of when and who, whenever a store went out of business at Concord Mills, would claim that space. Now it's a matter of if. And the old Circuit City is a very big if at the moment.
But the hordes were still shopping in force yesterday - at Burlington Coat Factory and TJ Maxx Home Goods; at the old Gamestop and the new Lego store; at Books-A-Million and Finish Line. Which tells me that as bad as things have been in our economy, there are still signs of life in it. North Carolina's biggest tourist trap is a testament to that.
On any given day, thousands of people visit Concord Mills to take advantage of deals, to have dinner and a movie, and just to get their exercise. (If there's no one in your way, and you're moving at a good clip, it takes about 15 minutes to make one lap inside Concord Mills.) The fact that Concord Mills is so close to Lowe's Motor Speedway, which hosts two major NASCAR Sprint Cup Series events every year - including the longest stock car race in the United States, the Coca-Cola 600 - certainly helps draw in the crowds.
Yesterday, my brothers and I decided to drive out to Concord Mills. The parking lots were covered with cars as far as we could see. Even with it being the last weekend before school starts, with parents and children doing their last-minute shopping before the return to class, this would be a typical Saturday night at the mall. Which leads me to the question, what recession?
Although it doesn't seem like people have stopped shopping, we also observed the effects of the economy even within the mall. One small clothing store was going out of business; a sports memorabilia store had gone out of business; several other stores were offering deep discounts on their merchandise.
And then there's what used to be Circuit City, in the same corner of the mall as the Bass Pro Shops. Thousands of square feet of prime retail space that used to house the latest in computers and TVs now sits empty, waiting to be filled with something else. It used to be a matter of when and who, whenever a store went out of business at Concord Mills, would claim that space. Now it's a matter of if. And the old Circuit City is a very big if at the moment.
But the hordes were still shopping in force yesterday - at Burlington Coat Factory and TJ Maxx Home Goods; at the old Gamestop and the new Lego store; at Books-A-Million and Finish Line. Which tells me that as bad as things have been in our economy, there are still signs of life in it. North Carolina's biggest tourist trap is a testament to that.
5 Comments:
I've noticed the same thing here, there are some businesses closing, but I think they were weak in the first place, but people are shopping and spending everywhere. I know all four of my sons are working, however I do have a neighbor who has had his hours cut back and he is very worried. He is however a computer machinist and he has job offers from the Dallas area, he just doesn't want to move.
By garrysouders, Aug 24 09 7:31 PM
There are a few shops closing here, but for the most part, things seem to be about the norm. I think people ARE trying to make wiser choices, even if it's 'just in case'.
I know Walmart is doing a bang-up business, as usual! I try to be careful. There are many things I really can do without...Willpower! ;)
By veronikkamarrz, Aug 24 09 10:11 PM
I think that if you are in steady employment with relatively little chance of losing that work, then a recession can be quite a good thing.
One of my friends is a teacher (total job security even during recession), and a few months ago he said to me,
'I can't understand what all the fuss is about, we've never been financially better off! The mortgage payments had gone down, retail goods were cheaper because competition has increased, and labour is more readily available if you need things doing to your house etc.'
What he fails to realise is the reason for the second two things. Retailers are going under and some of them reducing prices in the hope to drag in customers, so if you worked for one of the less fortunate ones then you will certainly feel the pinch. Also, manual work is going to be less likely to come by. Nobody wants to spend on their house when things are tight, companies don't decide to go for it by building new premises and so on and so on.
In fact, I believe that the general publics behaviour during a recession only serves to deepen it, meaning people that do still have money won't spend it!
All of this is only my thoughts of course, I could have it all wrong :)
By nasty_liar, Aug 31 09 5:31 AM
Actually, nasty_liar, I don't think you're too far off. Although I have to say that I work in an industry that is by no means safe at the moment. My wife - also in a vulnerable business - and I are really watching our spending right now.
VM, you don't need to tell me twice about Walmart. They just opened a new Walmart Supercenter in the University City area of Charlotte, which replaced an older regular store. You can hardly get in that place, and there's always the very real threat of getting run over by either a passing car or a runaway shopping cart.
Garry, I hope your friend stays gainfully employed. I've seen a lot of people get displaced, and I always get a little nervous when they start making organizational announcements at my job.
By cag1970, Aug 31 09 6:15 PM
Hmm...Cag, you make we want to run out to Concorde Mills right now. We're in a weird state of affairs...On the one hand, I keep hearing about people getting new jobs and promotions; on the other, I continue to see friends unemployed with little hope of finding anything *really* good.
Thanks for another great post!
By Pagiedamon, Sep 02 09 3:52 PM