It’s been a tough year for brick-and-mortar businesses. While some chains, including Amazon and Walmart, have found ways to attract inflation-weary consumers, many other brands haven’t been so lucky in 2024.
Stop and Shop, Big prizes, Buybuy babyFamily dollar, Help with rites and CVS have all carried out sweeping store closures in the United States.
Despite three interest rate cuts this year by the Federal Reserve, rates have remained high and made borrowing more expensive for things like credit cards, auto loans and mortgages.
Year-to-date retail store closures in 2024 were nearly 58% higher than in 2023, according to data from research firm CoreSight.
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“There is not enough growth in the retail market for all players to succeed, which is why we are seeing polarized results with some retailers performing poorly and closing stores,” said Neil Saunders , retail analyst at research and analytics firm GlobalData.
Some stores don’t offer everything customers need and don’t adequately respond to competitive threats, Saunders said.
“In a tighter economy, these things have really taken a toll on sales and profits and retailers are now looking to streamline their operations and rationalize store counts to be more efficient,” Saunders said.
Across New Jersey, businesses large and small have not been immune, even long-standing local well-known names.
Here are some bankruptcies and closures that hit New Jersey hard in 2024.
The Art Factory, Paterson
Facing foreclosure, The Art Factory – a complex of 19th century mill buildings near the Great Falls used for weddings and other banquet hall events – filed for bankruptcy in August.
The move left more than 150 couples married scrambling to find replacement locationsin some cases just days before their planned wedding date.
Brick Lane Curry House, Montclair
The Valley Road restaurant, located in Upper Montclair for 15 years, closed its doors in July this year.
But despite the closure, the owners weren’t quite ready to hang up their aprons.
“Even though this chapter is coming to an end, our love for food and for Montclair remains strong. So keep your eyes peeled for a new adventure that may soon be on the horizon,” said the restaurant’s owners. said on Facebooklater referring to a “surprise” announcement in a new building in January.
Da Mimmo, Dumont
Da Mimmo, a popular Italian restaurant on Veterans Plaza in Dumont, closed its doors in September after a tumultuous journey that included a high-profile rescue by celebrity chef Gordon Ramsay on his show “Kitchen Nightmares”.
Ramsay’s overhaul included a complete overhaul of the restaurant’s interior and a revamped menu including new dishes like arancini and chicken caprese. The relaunch, with help from Vito and Vincent on social media, saw queues out the door on opening night.
If Ramsay’s intervention breathed new life into the company, the Gigante family’s decision to close marks the end of Da Mimmo’s chapter in Dumont. Antonio, who grew up through the experience, said Ramsay’s advice helped him and his mother.
Fragale Bakery, Garfield
A staple of the Garfield community for 70 years permanently closed in September.
Andrew Fragale, whose parents opened the bakery in Hackensack in 1953, announced the move, citing the challenges small businesses face in today’s economy.
“It’s time to retire, and it’s getting harder and harder for small businesses,” Fragale said in an interview with NorthJersey.com. “American companies are killing us.”
The bakery moved to Garfield in 1957 after previous stints in Hackensack and Lodi. In 1974, Fragale and his brothers and sisters took over the bakery, thus perpetuating its reputation for fresh, quality bread, with semolina becoming the bakery’s flagship product.
French Oak Bar & Grill, Oakland
The Elm Street restaurant opened in early 2023 only for closed last August.
Owners Nathalie and Loic Cadou opened their doors in Oakland after enjoying “decades of success at La Mirabelle on New York’s Upper West Side,” according to a press release announcing its opening.
It’s Greek to me, Ridgewood
The Ridgewood location of It’s Greek To Me closed in November after 30 years of activity.
It’s Greek to Me began in 1986 when Greek immigrants James and Stacy Papavasiliou opened the first location in Cliffside Park with their mother, Ero.
It later expanded to several other locations — the Clifton and Fort Lee spots will remain in business — with owner and Ridgewood Mayor Paul Vagianos opening the Ridgewood establishment in 1994. The restaurant is known for its cuisine traditional Greek and its family atmosphere.
A seafood restaurant should take its place.
Mr. G’s Restaurant, Paterson
The emblematic restaurant closed in September just six weeks after a much-celebrated reopening. The owners cited a dispute over the restaurant’s name, while customers complained about menu prices much higher than those of the original restaurant, as well as the lower quality of the food.
Lenise Graddy, daughter of Paterson civil rights activist Russell Graddy — who operated the restaurant for 14 years before his death in 2021 — said Mr. G’s name was used without permission from the Graddy estate, which which prompted her to take legal action against the new owners.
Rispoli Pastry, Ridgefield
Rispoli closed its Ridgefield location in October where it was based for nearly 90 years, leaving only one location in Emerson for its North Jersey presence.
Boutique Stich, Madison
The women’s clothing and accessories store on Waverly Place closed in August.
“After eight wonderful years in business, I am very sad to announce that Stitch Boutique will be closing its doors,” owner Caitlin Rinaldi said at a news conference. Facebook video.
Rinaldi explained in the video that she had already moved to Austin, Texas, to care for her two children, and that her mother-in-law, Jennifer, was handling some of the day-to-day operations.
“We were both on the same page: We are ready to take a step forward and focus more on our family in this next chapter of our lives,” she said.
Daniel Munoz covers business, consumerism, labor and the economy for NorthJersey.com and The Record.
E-mail: munozd@northjersey.com; Twitter:@danielmunoz100 And Facebook