• BREAKING NEWS ABC shows live and on-demand -- Download the WATCH ABC app!

Small businesses suffer in SF Valley

July 18, 2008 12:00:00 AM PDT
In the San Fernando Valley, "For Lease" signs are starting to signify the times. Small businesses, like a Studio City furniture store owned by Cristal Zhou, are closing their doors. Cristal's will shut down by the end of the July. She says, thanks to the economy, her customer base is gone.

"Just, the economy doesn't look that good. We're just going to go back, work on the home ... you don't have the overhead," says Cristal.

Todd Nathanson, who works with ILLI Commercial Real Estate, says occupancy is at an all-time high. However, like real estate, rental prices have been high, but prices are starting to decline.

"Even the better locations, realistically, will roll back somewhat. There's maybe some more concession being given. But, all-in-all, we're still doing -- the major retailers -- are still doing deals right now," says Nathanson.

Nathanson says those looking to lease, should shop around.

"I am a little edgy about it. Obviously, when you look around, you see a lot of people moving out; including people in this area. But, I'm more on the positive side," says Al La Rosa, who found a great deal for his new jewelry store.

Some commercial real estate agents say a recent trend in the San Fernando Valley has been that local retailers are moving into even smaller spaces to save money, instead of going out of business.

 

Click here for more headlines from ABC7 Eyewitness News


Load Comments