In these down economic times, some businesses have been hit harder than others. For those businesses in an urban area like that in Centro Ybor, the success and lack thereof is also on a case by case basis.
In the late Winter of 2008, the FYE music store closed its doors to poor business. They would later be followed by the American Eagle Outfitters store, and the Pac Sun store.
Now in the Spring of 2009, the Victoria's Secret clothing store has closed, and will soon be followed by Starbucks within the coming months.
Hillsborough Community College student Mike Albrecht, who is a barista at the Centro Ybor Starbucks location, lamented the down economy and sag in sales at the coffee shop.
"Our store is going to be closed within three to six months is what management told us," Albrecht said. "Our doors have to be closed by September 1 of this year."
When asked if there had been a decrease in the amount of students that visited his Starbucks, he acknowledged that there had been a significant drop.
"They used to be all over the place and in there all the time, but now we hardly see any of them."
Albrecht went on to say that most of those who still patron the store tend to be employees within the Ybor area, and tourists from out of town.
Some businesses in the plaza have not been as hard hit as the others. The Fresh Mouth restaurant has not seen a large drop in business lately, as being one of the only moderately priced eateries there in and around the Centro Ybor area.
The Tampa Improv is another business not as hard hit by the economy, due to their performer-based type of business. The upscale Asian cuisine restaurant Samurai Blue is not as down due to their catering to an upscale crowd, and their hourly and daily schedule.
Other businesses in the complex like Tampa Digital Studios are not as affected by the decrease in foot traffic because they are a client-based operation, but they are seeing a decline in business in general.
And then there's the theater. The Muvico Centro Ybor 20 Theaters has been going through hard times nearly since its opening. When the Centro Ybor theaters opened, they were projected to bring in 500,000 people annually, according to Michael Whalen, the president and chief executive of Fort Lauderdale-based Muvico Theaters. However, also according to Whalen, recent projections based on numbers from the last few years and factoring in the slower economy, they are projected to only bring in a little over 200,000 this year.
One of the problems that the theater faces is the nearby Channelside Cinemas 10, which has IMAX theaters. The IMAX theaters have been a big local draw for Channelside, taking away potential business from the Centro Ybor theaters.
Two years ago, a Chicago-based development firm named M&J Wilkow bought the Centro Ybor complex for about $13 million. The firm plans to renovate 10 of the 20 individual theaters there in Ybor, and convert it to office space in hopes to lure companies to purchase space in a hip downtown area.
The developers have other plans to redevelop some other portions of the complex, that range from hotel space to a complete reorganization of the layout of retail stores, in hopes to rejuvenate interest in the area to the public, and to reignite a revenue stream for their tenants.
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