Bussiness
2024 was tough for brick-and-mortar businesses. North Jersey lost these old favorites
4-minute read
Store closures rose in 2024
There was a sizable increase in stores that closed in 2024, with Big Lots, CVS and Family Dollar leading the list.
Scripps News
It was a tough year for brick-and-mortar businesses. While some chains including Amazon and Walmart found ways to appeal to inflation-weary consumers, many other brands were not so fortunate in 2024.
Stop & Shop, Big Lots, Buybuy Baby, Family Dollar, Rite Aid and CVS all implemented sweeping store closures across the U.S.
Despite three interest rate cuts this year by the Federal Reserve, rates have remained high and made borrowing more costly for items like credit cards, auto loans and mortgages.
Retail store closures year-to-date in 2024 were nearly 58% higher than in 2023, according to data from research firm CoreSight.
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“There is not enough growth in the retail market for every player to do well, which is why we are seeing polarized results with some retailers doing badly and closing stores,” said Neil Saunders, a retail analyst at the research and analytics firm GlobalData.
Some stores are not offering everything customers need and are not adequately responding to competitive threats, Saunders said.
“In a tighter economy, these things have really taken their toll on sales and profit and retailers are now looking to rationalize operations and streamline store numbers to be more effective,” Saunders said.
Across New Jersey, businesses large and small have not been immune, even long-cherished local household names.
Here are some bankruptcies and closings that hit hard across New Jersey in 2024.
The Art Factory, Paterson
Facing foreclosure, The Art Factory — a complex of 19th century mill buildings near the Great Falls used for weddings and other banquet hall events — filed for bankruptcy in August.
The move left over 150 wedding couples scrambling to find replacement venues, in some cases just days before they were scheduled to get married.
Brick Lane Curry House, Montclair
The Valley Road restaurant, which had been in Upper Montclair for 15 years, closed its doors in July this year.
But despite the closure, the owners were not quite ready to hang up their aprons.
“While this chapter is coming to a close, our love for food and Montclair remains strong. So, keep an eye out — there might be a new adventure on the horizon for us soon,” the eatery’s owners said on Facebook, later alluding to a “surprise” announcement at a new building in January.
Da Mimmo, Dumont
Da Mimmo, a popular Italian restaurant on Veterans Plaza in Dumont, closed its doors in September following a tumultuous journey that included a high-profile rescue by celebrity chef Gordon Ramsay on his show “Kitchen Nightmares.”
Ramsay’s overhaul included a complete redesign of the restaurant’s interior and a revamped menu featuring new dishes like arancini and chicken caprese. The relaunch, with help from Vito and Vincent’s social media outreach, saw lines out the door on opening night.
While Ramsay’s intervention breathed new life into the business, the Gigante family’s decision to close marks the end of Da Mimmo’s chapter in Dumont. Antonio, who grew through the experience, said Ramsay’s guidance helped him and his mother.
Fragale’s Bakery, Garfield
A staple of the Garfield community for 70 years closed for good in September.
Andrew Fragale, whose parents opened the bakery in Hackensack in 1953, announced the decision, citing the challenges small businesses face in today’s economy.
“It’s time to retire, and it’s getting tougher for small businesses,” Fragale said in an interview with NorthJersey.com. “Corporate America is killing us.”
The bakery moved to Garfield in 1957 after earlier stints in Hackensack and Lodi. In 1974, Fragale and his siblings took over the bakery, continuing its reputation for fresh, quality bread, with semolina becoming the bakery’s signature product.
French Oak Bar & Grill, Oakland
The Elm Street restaurant opened in early 2023 only for it to close this past August.
The owners, Nathalie and Loic Cadou, opened in Oakland after having “decades-long success at La Mirabelle on the Upper West Side in New York City,” according to a news release announcing its opening.
It’s Greek To Me, Ridgewood
The Ridgewood location of It’s Greek To Me closed in November after 30 years in operation.
It’s Greek to Me started in 1986 when Greek immigrants James and Stacy Papavasiliou opened the first location in Cliffside Park with their mother, Ero.
It later expanded to several other locations — the Clifton and Fort Lee spots will remain in business — with owner and Ridgewood Mayor Paul Vagianos opening the Ridgewood establishment in 1994. The restaurant is known for its traditional Greek fare and family-friendly atmosphere.
A seafood restaurant is expected to take its place.
Mr. G’s diner, Paterson
The iconic diner closed in September just six weeks after a much-celebrated reopening. The owners cited litigation over the name of the diner, while patrons complained of much higher menu prices than the original diner, as well as lower food quality.
Lenise Graddy, daughter of the Paterson civil rights activist Russell Graddy — who operated the restaurant for 14 years before his death in 2021 — said the Mr. G’s name was used without the permission of the Graddy estate, prompting her to file a lawsuit against the new owners.
Rispoli Pastry Shop, Ridgefield
Rispoli closed its Ridgefield location in October where it was based for nearly 90 years, leaving just one location in Emerson for its North Jersey presence.
Stich Boutique, Madison
The women’s clothing and accessory store on Waverly Place closed in August.
“After eight wonderful years in business, I’m very sad to say that Stitch Boutique will be closing our doors,” the owner, Caitlin Rinaldi, said on a Facebook video.
Rinaldi explained in the video that she previously moved to Austin, Texas to take care of her two children, and that her mother-in-law, Jennifer, had been dealing with some of the day-to-day operations.
“We were both kind of on the same page that we are ready to take a step down and focus more on our family in this next chapter of our lives,” she said.
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
Email: munozd@northjersey.com; Twitter:@danielmunoz100 and Facebook
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