Local Businesses Feeling Economic Pinch
By: Heidi York
Updated: August 20, 2009
A staple in downtown Shreveport will close its doors for good at the end of the month. Family owned restaurant, Nanking opened in 1937. It will close for the last time August 29th. It follows several other local restaurants, like Murrells and Kon Tiki, facing the tough decision to close.
"We've been through a few depressions. We went through upswings and downswings. It just seemed like this one was harder on us," said Nanking owner, Anna Ikari.
The economy is starting to take its toll on small business owners; forcing many out after years surviving despite tough times.
"This was a turning point for them. They've survived recessions in the past, they've survived natural disasters, and I think they see this as an opportunity to retire and cut their losses,” explained Cooper Cochran with the Louisiana Small Business Development Center.
But the economy isn't the only reason why some businesses are being forced to call it quits. The internet and online shopping are as popular as ever, and some local businesses are struggling to compete.
"Having a web presence is now essential for a small business person," said Cochran.
This past spring, after more than 50 years, Shreveport's Southfield Music closed its doors. The owners told NBC 6, free music on the web was a factor in going out of business.
While some business owners are struggling, others are facing the challenge of opening a new business.
Qeunn Echols recently opened Bijou Ultra Wine Bar in the Red River District. His experience as a club owner is just one of the reasons he thinks his venture will make it despite a tough economy.
"This type of business, a liquor business, has always done well in recessionary times. It wasn't like I was thinking, hey we're in a recession, open a wine bar, but it's probably a safer bet,” explained Echols.
For now he’s easing into the business. He started out only holding private parties. Now Bijou Ultra Wine Bar is open every Friday and Saturday inside the former McArthur's building across from Eldorado Casino. Echols hopes to grow the business and one day become a main draw to the Red River District.
"We've been through a few depressions. We went through upswings and downswings. It just seemed like this one was harder on us," said Nanking owner, Anna Ikari.
The economy is starting to take its toll on small business owners; forcing many out after years surviving despite tough times.
"This was a turning point for them. They've survived recessions in the past, they've survived natural disasters, and I think they see this as an opportunity to retire and cut their losses,” explained Cooper Cochran with the Louisiana Small Business Development Center.
But the economy isn't the only reason why some businesses are being forced to call it quits. The internet and online shopping are as popular as ever, and some local businesses are struggling to compete.
"Having a web presence is now essential for a small business person," said Cochran.
This past spring, after more than 50 years, Shreveport's Southfield Music closed its doors. The owners told NBC 6, free music on the web was a factor in going out of business.
While some business owners are struggling, others are facing the challenge of opening a new business.
Qeunn Echols recently opened Bijou Ultra Wine Bar in the Red River District. His experience as a club owner is just one of the reasons he thinks his venture will make it despite a tough economy.
"This type of business, a liquor business, has always done well in recessionary times. It wasn't like I was thinking, hey we're in a recession, open a wine bar, but it's probably a safer bet,” explained Echols.
For now he’s easing into the business. He started out only holding private parties. Now Bijou Ultra Wine Bar is open every Friday and Saturday inside the former McArthur's building across from Eldorado Casino. Echols hopes to grow the business and one day become a main draw to the Red River District.
