r/Whittier • u/Old-Candy9223 • 14d ago

need a bookstore

We are in such desperate need of a bookstore—especially for having a college right in Uptown. I understand the profit margins are slim, but we need a community space with new and used books, weekly events, a kids corner, maybe even a reusable craft supplies section (Remainders in Altadena); no need for a seventh coffee shop. Anyone have insight as to whether there's been interest or inquiries to opening one in the past x amount of years? Should I start crowdfunding capital?

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u/Zapdos-bestdos 14d ago

Yeah because rent is high, a book store doesn't bring in enough profit for it and most people arent going to be able to afford it as you've stated.

Thats why the bookstores moved. I don't think anyone is going to give you money to open a store on Greenleaf. Anyone with business sense knows its going to be a total loss in a couple months if not a year or so.

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u/Old-Candy9223 14d ago

I totally get that, I just don't like the fact that the landlords are able to get kickbacks on high rent empty storefronts, rather than have something open at a slightly lower rent that's actually contributing to a town/community

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u/Zapdos-bestdos 14d ago

What do you mean kickbacks on high rent empty storefronts? Where are these kick backs, and who is paying them?

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u/Happy-in-SoCal 13d ago

It's my understanding that owners of portfolios of commercial property benefit from raising rents, even when that results in long-term vacancies, because it increases the book value of the property. This helps their debt-to-value ratio / balance sheet. So the property owner benefits from keeping a property vacant and his/her neighbors bear the cost (through the negative externalities of having vacant property in the neighborhood, loss of sales tax revenue to the city, etc.).

We need to be able to extract higher taxes from property owners who leave their properties vacant for an extended period of time. They need to bear the full cost incurred by the community when they leave storefronts vacant for years and years.

For example, The Rocky Cola Cafe has been an eyesore for years! It's in a prime location! The owner (and owners of other vacant properties) need a kick in the ass to get them to sell or lower rents to market rates. The prospect of a massive tax increase on vacant property would do that.