The stores left because of the crime, not because there isn’t a market for them. I’m sure there are tons of people in Chicago who would love shopping at a local grocery store.
It’s not sustainable to run a business when your loss to crimes outweighs any potential profits
The crime stories (yep, they made a big buzz and media ran hundreds of stories about that one shoplifter in San Francisco) wildly overstated the actual amount of crime. It’s just so interesting that corporate news oversold that story, so much so that a person that didn’t know better would think that was a pervasive thing in urban areas and cities are all hellscapes of disorder and flames.
Meanwhile, shareholders rewarded Walgreens’ management with a boost to stock prices after they reported they’d be pulling out of ‘crime-ridden’ areas. They didn’t leave because of the crime, they left for the stock bump and told the crime story to make it look less-bad
The stores left because of the crime, not because there isn’t a market for them. I’m sure there are tons of people in Chicago who would love shopping at a local grocery store.
It’s not sustainable to run a business when your loss to crimes outweighs any potential profits
The crime stories (yep, they made a big buzz and media ran hundreds of stories about that one shoplifter in San Francisco) wildly overstated the actual amount of crime. It’s just so interesting that corporate news oversold that story, so much so that a person that didn’t know better would think that was a pervasive thing in urban areas and cities are all hellscapes of disorder and flames.
Meanwhile, shareholders rewarded Walgreens’ management with a boost to stock prices after they reported they’d be pulling out of ‘crime-ridden’ areas. They didn’t leave because of the crime, they left for the stock bump and told the crime story to make it look less-bad
By definition, if the business venture isn’t profitable, then there isn’t a market.
REI in downtown Portland pulled out and publicly said it was because of rising crime, but it was really because the employees were trying to unionize.
Yeah. We all know how much Walmart is struggling to make profits.
Invoking crime for this practice is just a tactic to pretend it isn’t red lining.