Greenwich Avenue Maintains its Unique Charm
By Charles W. Tricomi, Jr.
I have the pleasure of living and working off Greenwich Avenue which gives me the ability to walk around downtown every day. It has been truly amazing to see downtown Greenwich vibrant and active as ever during this holiday season. Part of me has been worried about the “Amazon Effect” which naysayers proclaim to be an inevitable doomsday scenario for retails stores. But thankfully, I’ve seen quite the opposite – sheer madness downtown – which has been great for local businesses and for anyone who likes running into friends and family while out shopping.
Of course, we’ve all seen high turnover in retail stores and more vacant spots than we’d like to admit. However, after spending a few days talking with the managers and owners of the downtown stores, the Greenwich spirit seems to be very much alive and well.
U.S. brick-and-mortar 2016 retail sales were up 4% but that pales in comparison to the 20% increase in online sales. It’s clear that the rise in online sales and big-box retailers has taken share away from traditional brick-and-mortar favorites. Amazon alone accounted for 43% of all US online sales in 2016 which I’m sure is a concern for many retailers. With anything that you could possibly wish for only a click away, why would one venture downtown, let alone in the winter, to purchase something that could potentially be found less expensively online?
Well, the flagship stores, holiday lights, festive hanging baskets, and unique retailers provide an idyllic venue for a wide variety of Greenwich tastes and pocketbooks. Local residents and neighbors in surrounding towns and villages love our town and the distinct retail experience it offers.
New restaurants, art galleries, spacious public areas, and the (usually) convenient parking combine to make downtown an appealing and welcoming draw – and did I mention safe – where else do you see traffic guards at every intersection?!
The U.S. Department of Commerce reported better than expected retail sales for November and revised its October figures upward – bringing a fresh wave of optimism to a long and embattled industry.
I decided to chat with local store managers and owners to get their perspective on how well the holiday season has been. Many expressed an increased confidence in their ability to combat losing sales to trendy online merchandisers. While the internet offers the ease of searching and comparing prices, there’s no algorithm that can replicate friendly suggestions or the human touch – as endorsed by SPLURGE’s owner, Sonia Sotire Malloy, who highlighted the complete experience her customers receive. The recently expanded and welcoming design of the store, the unique Greenwich themed gifts, and complementary gift wrapping make SPLURGE, like many, on the Avenue, the “total shopping experience” – curbside package delivery included! This kind of white glove and red carpet treatment helps to differentiate Greenwich Avenue from online retailers.
Allan Murphy of Newmark Knight Frank remarked, “There’s no doubt that the high rent and ‘Amazon Effect’ has led to a detrimental effect on Greenwich Avenue retailers. There are more vacancies now creating opportunities for new stores to enter the market and if rents stabilize, or even decrease, it’ll provide new opportunity for entrants who might not have been able to be there before.” However, until rents decrease, we could possibly see more pop-up stores like KJUS and The Cashmere Sales. By operating in stores for only a few months of the year, pop-ups have reduced their traditional brick-and-mortar expenses and have passed on the savings to their customers. Carolyn Murphy of The Cashmere Sales says that tons of people love coming into the store to try on a wide variety of items and end up buying for themselves, and then eventually coming back to buy for others closer to the holidays.
Brad Walker of Shreve Crump & Low notes that while there might not be as much foot traffic compared to past seasons, there have actually been more purchases. Customers seem to be more informed and knowledgeable and are better equipped to make decisions to buy in-store when they see value. They have done their due diligence online and then come into the store to ask pointed questions for which only the sales representatives can answer more candidly and more informatively than the internet.
Let’s not forget the gems on Greenwich Avenue side streets. Not surprisingly, proximity to ample parking has helped sales. Charlie Hun of Saint Clair Stationer says that his transition from the Avenue back to the store’s original location on Lewis Street has been seamless. The store has had just as many customers as when they were located on the Avenue, if not more.
Andrew D. Lev, Manager of Smart Kids’ Toys says that selecting a gift in the store is so much more fun than doing so with a click on the internet. Nobody knows toys like Andrew (I think we would all agree) – never at a loss for the age-appropriate ideas about what is the right gift or the year’s hot toy (which apparently right now is the LASER X).
Hobbs opened on the Avenue this year in order to cater to Greenwich clientele who were frequenting their Westchester Mall location. Although Hobbs’ Alda Kera has been disappointed to find the foot-traffic of the Greenwich location drastically less than that at the Mall, the shop does see a big uptick in customers around events like the Greenwich Holiday Stroll or the summer Sidewalk Sale Days.
Despite the visible absence of retail storefronts along the Avenue, there is still a “two thumbs up” attitude towards the 2017 holiday as expressed by Shreve’s Mr. Walker.
Charlie Tricomi is very involved in the community and is a Financial Advisor living and working in Greenwich.
