Students Provide Consistent Revenue for Local Businesses

With the economy worsening daily Monroe Park area shops have found solace in the steady base of students patronizing their shops.

By Marcus Smith

As the recession worsens people have to cut back somewhere, and for some it may be their frequent trips to their favorite restaurant.

With less money people are returning to the grocery stores and proceeding to their kitchens to produce their meals.

VCU Economics professor Laura Razzolini is giving a sweet and short forecast of events to come. “Bottom line restaurants will suffer because people are eating less.”

VCU student and Wine Director at the Copper Grill is a prime example of this. “I’m trying to buy more groceries to save money because I’m used to eating out.”

Karabaich has a unique vantage point as consumer and restaurant worker. As a consumer she’s seen more of the grocery store and her kitchen. On the business side she has noticed that couples are now reserving dining for special occasions.

In contrast, the shops directly surrounding the Monroe Park Campus have yet to feel the recession in a lethal way.

“We’re down a little but it’s not something were feeling a lot as we’re accessible for people watching their budgets,” said Natan Tekle of Nile Ethiopian Restaurant.

Forecasting terrible events to come Tekle predicted the restaurant might have to offer specials, but have not looked that far into the future.

This optimism is something that is prevalent in a community with a steady consumer base like students.

Many businesses are like the Cold Stone Creamery on West Broad and experience heavy traffic during the school months. Ice cream server Carmen Mitchell says the recession has had a minimum impact on their sales as their sales are directly tied to students and seasons.

The student consumer base has helped Missy Wernstrom who opened the Bagel Czar on West Grace in September, the perceived downturn in our economy.

“Being close to the university protects us because of the built in clientele has cushioned us from a lot because the university isn’t going anywhere.”

VCU Economics professor David Harless believes there will be a competition amongst businesses as students have less money to spend.

So the built in clientele that has protected Wernstrom will be one she has to find new ways to reach.

She is by self-admission the wrong person to own a business because she’s not too keen on advertising.

However, in the coming years Wernstrom will have to tap into some creativity to lure students away from Alpine Bagel in the Student Commons.

It seems that shops directly in the Monroe Park area aren’t suffering too bad, and enjoy having students as loyal and steady customers.