Friday August 1, 2003

Is the City of Oswego Headed for a Major Economic Upturn?

The announcement of new businesses coming to town - Ruby Tuesday, Lowes and Applebee's - and the potential 200 new jobs they might bring gets officials excited.
By Chris Motola

    Oswego may be headed for an economic upturn with no fewer than three major franchises looking into building stores in the area.

    The stores in question: Ruby Tuesday, Loews and Applebee?s. Combined, they have the potential to bring over 200 jobs to Oswego according to the city?s director of the Community Development office, Dave Turner.

    ?When you see big anchor stores come in?and other franchises and chains don?t typically look at cities the size of Oswego; the anchor store makes them take a second look,? said Turner of Loews. Oswego has approximately 18,000 shoppers, while the threshold of many large outfits is in the neighborhood of 30,000 shoppers.

    Turner cites a study done by Cornell University that discovered significant amounts of ?retail leakage? in Oswego?s home improvement industry, that is to say, Oswego County loses roughly $25 million a year in potential home improvement revenue to surrounding counties like Onondaga and Cayuga. According to Turner, the addition of a large store like Loews would help keep that money circulating within the county.

    ?Ruby Tuesday and Applebee?s are destination restaurants,? said Turner, which could potentially have a positive effect on Oswego?s tourism industry. ?The commercial corridor is filling up quickly.?

    Of the recent economic doldrums faced by Oswego and the country at large, Turner said, ?Even with the loss of International Paper, we held our own while many other communities didn?t. Our recent growth has largely been in the area of small business.? The city has hopes that sales tax revenue from the larger stores will help keep rising property taxes under control.

    ?Revitalizing the downtown area is Mayor Gosek?s main goal over the next few years,? Turner said, citing the importance of small specialty stores to Oswego?s tourism and student-based economy, as well as the draw of Oswego?s waterways.

    All three establishments are planned for Oswego?s east side.

Oswego County Business Magazine
Issue 159

Issue 159
December 2018/January 2019

Cover Story

Profiles

Don Hilton

On The Job

On The Job

Success Stories

Oswego County OB-GYN, P.C.

My Turn

Media Monopoly. How Dangerous Can It Be?

Economic Trends

County of Oswego Industrial Development Agency Presents Annual Report

Last Page

Katie Toomey