Michael E Morandi of Princeton
In these difficult economic times, it is tempting to change our shopping patterns, abandon our more expensive local merchants and become devoted customers of the discount stores on Route 1.
While this might seem rational, it may actually not be in our self-interest. Apart from being the home of a famous university and top notch public schools, Princeton is also relished for its vibrant retail and restaurant center.
Residential property values benefit from proximity to the shops that line Nassau, Witherspoon and Palmer Square. People like to commune with people in an authentic setting that offers more than just a retail experience; we want to be feel like more than just shoppers.
If we do the “rational” thing and flee to Route 1, retail and restaurant vacancies will increase and the life of our small town will be diminished, taking with it the value of our homes and the Princeton experience.
Property taxes would either have to rise to offset declining taxes from the retailers or our schools and other public services would have to be compromised. In other words, the extra savings we get from
Shopping Route 1 could end up costing us much more in lower home values, declining schools etc.
The burden to insure this does not happen does not rest solely on the shoulders of Princeton residents.
Commercial property owners must also adjust their rents to reflect the new economic environment. The world has changed and just as Wall Street should never have assumed that home prices always go up, retail landlords should not be quick to raise rents on the premise that they can fill space with a new tenant willing to pay more.
Neither they nor us as a community can afford blocks of empty storefronts. The local governments, too, must get a handle on their budgets to ease the property tax burden on the landlords so that they can charge more reasonable rents. Consolidation of the borough and township must be explored for its impact on heading off this potential storm.
This is not a call to abandon Route 1 altogether; it is a call to understand that the consequences of shunning our town’s merchants in order to save a few dollars may end up costing a lot more. Who was it who said do not be “penny wise and pound foolish?”
Michael E Morandi
Princeton

