Business & Tech

New Stores Exceed Closings, Bring Confidence to Downtown

24 new businesses have opened in downtown Cranford in the last 13 months.

A gourmet food shop has signed a lease for 26 Eastman Street, becoming the 24th new business to open in downtown Cranford during the last 13 months.

While 10 businesses closed during that time period, the new businesses and subsequent investments signal a confidence in the business district.

"The current vacancy rate of 5.3 percent is better than respectable and we expect leases to be signed at two more locations in the coming weeks," said Downtown Director Kathleen Miller Prunty.

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The cheese shop joins two other new businesses opening this week, Ole Fire Grill at Cranford Crossing and Dollar General on South Avenue, with Cafe Lia slated to open at 117 North Union Avenue in the spring. In addition, two long time businesses expanded and relocated to new, larger spaces in the downtown.

Cranford's downtown has 151 storefronts and currently eight vacancies.

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"Some downtowns comparable to Cranford are experiencing much higher vacancy rates," said Prunty, who also serves as President of Downtown New Jersey, a statewide organization of downtown professionals. "A few years ago when retail was booming, vacancy rates of 3 to 5 percent were considered healthy. It's important to recognize that a reasonable amount of vacant space isn't a bad thing. We wouldn't have many of our new businesses if space wasn't available."

"These numbers suggest a continued confidence in downtown Cranford's future," said Deputy Mayor Martha Garcia. "Coupled with the township's new streamlined permit and approval process, we expect to see additional inquiries and new businesses in 2010."

On January 1, Mayor Mark Smith announced a more business-friendly process with the goal of attracting retailers and restaurants. A Business Development Team now meets every week to monitor progress of business openings and assist prospective applicants understand and navigate the permit process.

"We intend for Cranford to be the best place to open and operate a business," said Smith.

The Downtown Management Office reports that inquiries from prospective business owners began picking up in the latter part of 2009.

"The interest in downtown Cranford remains strong despite the current economic climate. These businesses represent an investment of $1.7 million," said Michael Plick, chairman of the Downtown Management Corporation.

In addition to business openings, major construction projects are also on the schedule. Investor Savings Bank expects to begin construction of a two-story building on North Avenue West sometime this spring and the $50+ million Riverfront mixed-use project on South Avenue is moving forward.


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