Just a few years ago, business was booming on Greenwich Avenue. When the U.S. hedge-funds were exploding, so was the shopping along the strip. Those days are long gone.
Retail sales have taken a serious beating, according to Bloomberg. As a result, stores such as Ann Taylor, Banana Republic, and Borders have all closed their doors in Greenwich.
The reason's basic: Those who were raking in the money, and spending it, no longer have it.
“We never used to have one day with no sales,” said May Lai Ku, the manager of Cochni, a woman’s clothing store on "The Avenue", told Bloomberg. “Now that happens three to four times a month.”
She told the news service that her store had about $40,000 in sales in January 2008. But she said this year it will take months to make it up, and she’s discounting things as much as 80 percent.
To put it in perspective, Greenwich recorded a drop in home sales in February of 77 percent. The city has never seen such high numbers.
Tough times in a fancy land.