The truth about closing businesses is that they have not only negative, but also positive impacts. Ithaca has had shifts in multiple businesses closing and opening since 2019. Some local businesses, like Pasta Vitto, Waffle Frolic and chain businesses, like Burger King, Friendly’s and Moe’s Southwest Grill, have closed.
The COVID-19 pandemic does not directly have much to do with these stores closing down, except for causing the loss of customers. Inflation, on the other hand, does affect businesses. Depending on the type of business, the harms inflation causes may differ. Demands for the businesses might fall that are not necessities. Costs of utilities, wages and raw materials rise, causing businesses to concentrate only on their higher-margin goods.
However, inflation is not the only cause of failing businesses. It is not odd for businesses to close frequently, especially if they are small businesses. Unfortunately, 49.7% of businesses fail only five years into the work. It certainly is unfortunate to see local businesses fail when they are the better environmental alternatives to chain stores. Even though there are many steady stores in Ithaca, many businesses still come and go all the time.
Some chain businesses closing should be viewed as a positive outcome because fewer chain businesses give more space for local ones to expand around Ithaca. Local businesses are not only better for the environment, but create more local ownership, have better selections and invest in local prosperity. Local businesses support each other and create more job opportunities, unlike chain stores. After all, businesses fail and succeed all the time, and it is up to consumers to decide which business will succeed. So, let’s pick local businesses that will bring more good than harm to our communities.