Macy's CEO Jeff Gennette discusses the direction of the company with The Enquirer's Alex Coolidge. The Enquirer/Kareem Elgazzar
A new year is here, full of new resolutions - and hard business decisions.
Less than ten days into 2018, a number of businesses in Greater Cincinnati have either already closed their doors or announced plans to close.
Michael Jones, Academic Director and Assistant Professor of Economics at the University of Cincinnati, believes expiring lease agreements are the primary reason behind a spike in closings this time of year.
"First, many retail operations lease their store-front building," said Jones. "Leases often end (or are up for renewal) at the end of the calendar year, and so businesses that are financially uncertain do not want to commit to a long-term lease."
Jones also said most stores or businesses wait to see if the holiday season is going to help meet their yearly financial metrics before making a decision. Many businesses end their fiscal year at the end of the calendar year.
"Christmas season is often what puts many stores 'in the black,' or financially positive (e.g. Black Friday)," said Jones. "If the Christmas season is a disappointment, they suspect that the next year may pose a downward trend as well – causing some businesses again to go ahead and close."
Last year, Ei8ht Ball Brewing of Newport decided to close in January after operating for a little over three years. Santo Graal at The Banks closed early in 2017 as well - it was open for close to two years.
A little over two years ago, Sprout Market & Eatery of Mt. Adams and Virgil's Cafe in Bellevue both closed in Dec. 2015. Vitor's Bistro of Westwood closed in Feb. 2016 after 6 years of business.
What's closed so far in 2018?
Macy's recently decided to close their 20-year-old downtown store at Fountain Place, along with 11 other stores scheduled to close in 2018.
Eastgate Brew & View, a cinema with a full bar and restaurant, abruptly closed their doors last week after close to 2 years in business, notifying their employees of the closure by attaching a sign to the door.
Howl at the Moon and Splitsville Luxury Lanes at The Banks closed Dec. 31 after a short 18 months.
Frameri, a local startup in Over-The-Rhine that allows customers to use the same set of eyeglass lenses in multiple frames is closing Jan. 16. It was the first company to go through The Brandery, Cincinnati's nationally recognized consumer marketing and branding accelerator.
And neighborhood mainstays Baressi's Italian Restaurant in Deer Park and The Villager, a gift store in Mariemont, will both close their doors this January. Each were open for nearly half a century.
On a brighter note, new locations are opening soon for some Tri-State area restaurants.
A second location of Thunderdome Restaurant Group's Maplewood Kitchen and Bar will open in Deerfield Township in the spring. Frisch's Big Boy is set to open a location in Carew Tower in spring as well, and Revolution Rotisserie in Pleasant Ridge has announced an opening date of Jan. 19.
The team behind Oakley's Sleepy Bee Cafe recently opened Aster Social Sippery, a bar with craft cocktails and small bites on the third floor of the building at 8 E. Fourth St.
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