HOLY SH*T SANTA MONICA , CALIFORNIA IS A DANGEROUS WASTELAND - SPECIAL GUEST JACK MORGAN RLP

Summary

In this video, the hosts explore the retail landscape of Santa Monica, California, with guest Jack Morgan. They discuss the high number of vacant stores and the impact on local businesses. The conversation touches on the rise of corporate chains and the decline of mom-and-pop shops, as well as the challenges faced by small businesses in the current economy. The group also comments on the visible signs of homelessness and crime, suggesting a broader societal issue. Jack shares his perspective as a Florida resident, noting the differences in economic vitality between the two states.

Takeaways

• 🏙️ The video discusses the current state of Third Street Promenade in Santa Monica, California, highlighting the high number of vacant stores and the decline of business activity.
• 📉 The decline has been a gradual process over several years, with many businesses that were once thriving now closed, indicating a long-term economic struggle.
• 🤷‍♂️ The guests speculate on the reasons behind the decline, including the rise of online shopping and the impact of homelessness and crime on the area.
• 🏖️ In contrast to the bustling beach areas, the downtown area feels 'lifeless' and lacks the energy and vibrancy of previous years.
• 👮‍♂️ There is a notable police and private security presence, suggesting that crime and public safety are significant concerns in the area.
• 🛍️ The video points out the contrast between large corporate stores that can afford to stay open despite low foot traffic and the struggling small businesses.
• 🏘️ The script mentions the potential long-term consequences of vacant buildings, such as decreased tax revenue for the city and the deterioration of urban landscapes.
• 🏢 The discussion includes the impact of the 'retail apocalypse' on local economies and the potential for a regional bank crisis due to the financial strain on businesses.
• 🌟 The video also touches on the broader economic trends, such as the shift of people and businesses from California to states like Florida, which is experiencing economic growth.
• 📉 The script concludes with a pessimistic outlook for the future of retail in Santa Monica, suggesting that the situation is likely to worsen rather than improve.

Q & A

What is the general topic of discussion in the video?

The general topic of discussion in the video is the decline of retail businesses and the increase in vacancies in the Third Street Promenade area of Santa Monica, California.

Why was Jack Morgan invited to Santa Monica?

Jack Morgan was invited to Santa Monica to participate in a show and to share his perspective on the current state of the area compared to his previous experiences.

What is the perception of the current state of Third Street Promenade in Santa Monica?

The perception is that the area is experiencing a significant decline with numerous businesses closed and many vacancies, giving the impression of a 'retail apocalypse'.

How does Enrique describe the changes he has observed in Santa Monica over the years?

Enrique describes the area as having been much more active in the past, with many businesses that are no longer in operation, indicating a decline that has been happening over several years.

What is Jack's perspective on the changes in Santa Monica since he lived there five years ago?

Jack notes that places that were once bustling, like The Bungalow, are now closed, and there's a significant increase in homeless people and a general sense of decline in the area.

What is the comparison being made between Santa Monica and Long Beach in terms of business activity?

The comparison is that both areas were once thriving with businesses, but now they are experiencing a significant downturn, with many businesses closed and a 'cancer-like' spread of vacancies.

What is the role of large corporations in the current retail landscape according to the discussion?

Large corporations like Adidas and Zumies are seen as having a competitive advantage over smaller, local businesses, contributing to the decline of mom-and-pop shops.

Why is there a police substation located in the area according to the video?

The police substation is present due to an increase in crime, including theft and violence, necessitating a stronger police presence to maintain order.

What is the impact of the retail decline on the city's tax revenue and services?

The decline in retail business leads to a reduction in tax revenue, which can affect the city's ability to fund services and maintain public infrastructure.

What is the general sentiment towards the future of retail in Santa Monica as expressed in the video?

The general sentiment is pessimistic, with the belief that the situation will likely worsen, leading to more vacancies and a further decline in the retail sector.