TESTIMONY
Pedro Suarez, Executive Director of the Hub 3rd Avenue Business Improvement District in the Bronx, on Storefront Vacancies and Challenges in the District
1:44:40
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90 sec
Pedro Suarez provides testimony on the challenges faced by the Hub 3rd Avenue Business Improvement District in the Bronx, with a focus on storefront vacancy rates.
- The district's current storefront vacancy rate is 15.89% as of the end of 2023, a 4% increase from 2020.
- Contributing factors include impacts of the COVID-19 pandemic, rent increases, theft, public safety concerns, and online competition.
- The district is conducting a community survey and plans a commercial district needs assessment.
- Suarez recommends the city provide continued access to capital, invest in public safety and crime prevention, and offer technical assistance for online marketing to support businesses.
Pedro Suarez
1:44:40
Thank you, Chair, Felise, and members of the Small Business Committee.
1:44:43
I'm Pedro Suarez, executive director of the Hub 3rd Avenue, business improvement district in the in the Bronx.
1:44:49
The admission is to keep 1 of New York City's most traffic commercial districts clean, safe, attractive and well programmed for businesses.
1:44:56
Our current store front vacancy rate is currently estimated at 15.89% as of the end of 2023 based on LiveX YZZ data, which is the vendor that SBS alluded to earlier.
1:45:11
This is a 4% increase from data collected in 2020.
1:45:15
Factors contributing to vacancy rates include lasting impacts of the cope COVID pen pandemic EMIC on business owners, rent increases, the financial impact of theft and perceived public safety and online competition.
1:45:28
This is not an exhaustive analysis as bid recently launched its 2024 community survey and hopes to launch a more in-depth in-depth commercial strict needs assessment in the coming year.
1:45:39
As mentioned, the SBS is partnering with other city agencies and has taken many steps over the years to support big and small businesses across to city, but some steps that the city can take to reduce vacancy rates include continued focus on access to capital for new and existing businesses, a greater investment in public safety and crime prevention in commercial districts, a greater investment in technical assistance for small businesses around online marketing.
1:46:04
I look forward to continuing partnering with the city to support the hub and small businesses in the South Bronx.
1:46:10
Thank you.
