A report in today's Business First shows how several building have failed to attract developers or buyers.
An online auction at the Olympic Towers in Downtown Buffalo attracted attention, but the top bid was still $1 million less than the reserve - or minimum bid - sought by the buildings owners. No one bid on the Power City Building in Niagara Falls. And the Statler Towers has not been able to bring in any developers. Area realtors say this is a national trend blamed on the economy. They say banks are cautious about making commercial real estate loans since foreclosures are on the rise nationally.
As the Canadian dollar strengthens, Canadians continue to spend money in this region. A report in today's Business First shows how some Canadian retailers are seeing a decline in sales. The report says retailers like Sears Canada want to cut prices to try and lure back Canadian customers. But Canadian retailers blame big box retailers and internet shopping as well, not just cross border competition.
You can read more in the new edition of Business First.