Back in February I took a walk around my neighborhood looking for bad signs of the economic times. We all started noticing a higher than usual ratio of businesses. some well established for years, closing.

I went back on the same route yesterday and found signs that if there's a light at the end of the tunnel either the tunnel's kind of a curvy one, or the light is dim.

Signs are even more confusing now. Take a look.

1- On 14th Street another small business goes out.

Could be lower sales, higher rents, changing demographics, As the neighborhood turns more and more upscale, the signs of change are all around.

2-A Rite Aid on 14th Street and 7th Avenue closed a couple of weeks ago. A sign indicates they moved to an already existing location on 6th Avenue, but I wonder if everyone employed there kept their jobs. And look at number 3...

3-A pharmacy in NYC is kind of  a local thing, You want the one closest to where you live, even if  the difference is only a block or two. Thus, a competitor offers easy prescription transfers for clients of the re-located Rite Aid. They are located almost across the street.

4-A high-end kitchen design store, that very recently expanded to a more visible location on 17th Street and 8th Avenue is already gone.

5-This is the sign at the entrance of Balducci's, a true NYC institution if there's such a thing. The chain is closing under-performing stores, even in a neighborhood that matches their upscale market. This store opened in December 2005 and was the focus of union protests. It closed at the end of April 2009. A much less upscale supermarket a block away is booming.

6-Signs that owners are trying to do whatever they can- rent the spaces themselves, without hiring a real estate broker, or...

7-Use a little bit of a sense of humor to attract customers, as in this musical instruments store on 23rd Street. A real sign of the times!

8-This was Lectorum, one of two Spanish language bookstores on 14th Street. Both are now closed. This space has been empty for several months.

9-Once a 99 cent store, one of three on 14th street, all of which are closed. the 99 cent store sign has been removed, exposing what seems to be one from another era, but the space is still not in use, even though it was renovated.

10-The most common sign all over Chelsea: Retail Space Available- call it a combination of a slow economy, rising rents, changing demographics- in fact a confusing sign of confusing times.

You can look at my earlier reports here:

http://www.ireport.com/docs/DOC-218618

That's the picture of the 99 Cent store after it first went  out of business, and here:

http://www.ireport.com/docs/DOC-217670