Let Go and Let Capitalism; mega-malls abound on Long Island

It is nice to see that Long island is adding more mega-malls to its portfolio. Having traveled out to Riverhead many times this week, I have passed the ‘old’ Tanger Outlet many times. One only has to continue east on Old Country Rd (Rt. 58) to see both sides lined with brand new big box malls. Recently, my husband passed by the ‘new’ Tanger mall construction site in Deer Park and he was astounded at the size. Also, after 7 years of battling the Town of Oyster Bay to build a new 860,000 sq. ft. mall in Syosset, the courts have upheld Taubman Centers Inc. rights to build, but at a more ‘modest’ size of 750,000 sq. ft. In my travails, I have seen a brand new shopping center on Horse Block Road (Rte 16) in Medford that is empty except for one lonely store. And, a brand new shopping center on Carleton Ave (Rte. 17) in Central Islip awaiting smaller tenants to round out the new big-box stores.

Every time I see new shopping malls, the amount of vacancy signs in the older malls, especially strip-malls always worries me, a little. Do we really need any more shops? Even though it sometimes appears to me that the existing square footage for shopping is adequate for current growth. As in, tenants are simply moving from the old to the new without really expanding the industry. I hold my tongue, because building and construction is good for the economy. It creates many jobs and gives us the aura of growth and modernity, vibrancy and expansion, not to mention the amount of dollars added to the tax rolls. What community wouldn’t want that? Especially since 2/3 of the U.S. Economy is driven by consumer spending, we have got to keep them shopping. Again, I hold my tongue because I’ve been too overly concerned that much of that spending has been financed by debt.

My problem is that I expect forethought and planning with an element of realism, a notion that capitalism should be rational in all of its components but it isn’t. “If we build it, they will come” always prevails and in many cases it usually is true. They don’t mention the part about abandoning what was there before, here I go again. Experts say let the market suffer “bubbles” and “irrational exuberances” because it will all correct in time and soon there will be enough people with enough money to shop and shop and shop, so let it happen. Personally, I think if we built more affordable housing, for workers, college grads, starter families and the like, that would create a much larger base of shoppers. No. Stop. Cease and desist. Let Go and Let Capitalism.