What we do know for certain, is that it left another large storefront empty in the struggling Gateway Centre Plaza. Note: Storefront 1751A has been closed ever since (over two years ago). Here is the story:
Monday, May 5, 2008
Another Empty Storefront at the Gateway Centre Plaza
http://rp1000.blogspot.com/2008/05/another-empty-storefront-at-gateway.html
Here is Hollywood Video in the current News:
March 30, 2010
Hollywood Video closing doors
http://www.phillyburbs.com/news/news_details/article/92/2010/march/30/hollywood-video-closing-doors.html
Another retailer is closing its doors in Burlington County. Hollywood Video, a popular video rental store at the Town Center on Route 130 in Willingboro, will close sometime in the next four weeks.
March 30, 2010
Movie Meltdown: Another Hollywood Video Closes Up
http://www.keprtv.com/news/local/89335157.html
Another round of local closures for Hollywood Video. The parent company filed for chapter 11 in February. Now more local stores are closing their doors. Fawn Hernandez isn't happy the Hollywood Video in Pasco is shutting down
March 29, 2010
Bankruptcy closes Racine's Hollywood Video
http://www.journaltimes.com/business/local/article_ab689d1a-3b90-11df-a00b-001cc4c03286.html
Racine's only Hollywood Video store is now a victim of a corporate bankruptcy filing and will permanently close this spring. The local Hollywood Video store, 4700 Washington Ave., will close in about six to eight weeks, an employee said Monday before referring other questions to the corporate media department.
Bill, I believe Hollywood Video is just simply OVER, and so is every other video store, including Blockbuster. Their stores are closing everywhere and they're going the way of music stores because downloads and rental services like Netflex have rendered them obsolete.
ReplyDeleteI looked up their stock and see that they are now a part of Movie Gallery, which is trading on the Pink Sheets for .002 a share. That is two tenths of a cent a share.
It's sad that we can't get the prime retail here in Rogers Park that we'd like to see, but it is not really the fault of the neighborhood, or at least not mostly. It's just that there was way too much retail built all over the country in the boom years 1990-2007, and now these chains are contracting pretty drastically.
And we are going to lose a number of them.
Look at Border's- the Broadway/Lawrence TIF subsidized that store, and Uptown will lose it anyway because it will close the minute Border's gets it sublet- IF Border's is still even in business by the time that happens. Their stock is under three dollars, and the only reason it's not in the pennies is because it "reverse" split 10 for 1 to get a larger share price.
At some point, the large chain stores will start to fail and small local businesses will then have more opportunity. It would help if we'd stop tossing subsidies at them. But many types of retail just don't make it as bricks-and-mortar stores anymore, like books, videos, and music. I wouldn't want to compete with Amazon or Netflex or E-Music or any of the other online vendors.