A tight labor market and diverse economy should help Cincinnati workers affected by Macy’s move to New York

For three decades, Gari Jager Macy’s staff, who work over a soup and sandwich shop he runs on Vine Street, have served lunch. “In the past few years, they have downsized (Macy’s),” said Jäger. Unlike many other people, Jager wasn’t shocked by Tuesday’s announcement that Macy’s would be closing its headquarters in downtown Cincinnati and moving to New York City. Even so, the news will affect the bottom line of his restaurant. “It will hurt a little for all of us, but we will all tear off the pavement and go our happy way,” said Jäger. Hunters and others only hope that the 500 workers affected by Macy’s move will land on their feet. “It’s a lot of high-paying jobs,” said Amy Murray, councilor for Cincinnati. Murray chairs the city’s Economic Growth Committee. “Losing 500 jobs is a huge achievement for the city. And of course we really think about the employees, in so far as some of them are likely to be able to take their jobs and move to New York. But others will Looking for work remains, “said Murray Both Murray and University of Cincinnati economics professor Michael Jones said the city’s tight labor market and diverse economy should help. “It’s never a good time and we want to express our condolences because these are real people who have lost their jobs. But at this point in time, Cincinnati has a lot of opportunities with an unemployment rate of 3.2%,” said Jones. “Hopefully we can keep many of these employees and their families,” said Murray. In a statement, Macy’s said the facilities in Mason and Springdale will grow in size, so it’s possible that significant numbers of people who worked at its downtown Cincinnati headquarters will end up in either of those two locations. Aside from questions about jobs, there are also concerns that the city will lose some of its revenue. It doesn’t just affect the families, but the city of Cincinnati may be losing some wage tax, “said Jones.” It’s definitely detrimental to the tax base, but we’ve brought in other jobs too, “Murray said. “So we’ve brought a lot of jobs to town.” There are also questions about what will happen to Macy’s towering main building on Seventh Street and Vine Street. Murray said the work is now beginning to find tenants to fill the space Macy’s is leaving behind. “It just depends on who is interested in this space and this type of building,” she said.

For three decades, Gari Jager Macy’s staff, who work over a soup and sandwich shop he runs on Vine Street, have served lunch.

“In the past few years, they have downsized (Macy’s),” said Jäger.

Unlike many others, Jager was not shocked by Tuesday’s announcement that Macy’s would be closing its headquarters in downtown Cincinnati and moving to New York City. Still, the news will affect his restaurant’s bottom line.

“It will all hurt a bit, but we will all tear off the pavement and continue on our happy path,” said Jäger.

Jager and others only hope that the 500 workers affected by Macy’s move will land on their feet.

“It’s a lot of high-paying jobs,” said Amy Murray, councilor for Cincinnati.

Murray is the chairman of the city’s Economic Growth Committee.

“Losing 500 jobs is a huge achievement for the city. And of course we really think about the employees, in so far as some of them are likely to be able to take their jobs and move to New York. But others will be on the Looking for jobs to stay, “said Murray.

Both Murray and the University of Cincinnati economics professor Michael Jones said the city’s tight labor market and diverse economy should help.

“It’s never a good time and we want to express our condolences because these are real people who have lost their jobs, but at this point in time there are many opportunities in Cincinnati with 3.2% unemployment,” said Jones .

“Hopefully we can keep many of these employees and their families,” said Murray.

In a statement, Macy’s said its Mason and Springdale facilities will grow in size, allowing significant numbers of people who worked at its downtown Cincinnati headquarters to end up in either of those two locations.

Aside from questions about jobs, there are also concerns that the city will lose some of its revenue.

“Not only does this affect families, but the city of Cincinnati may lose some income tax,” Jones said.

“It definitely hurts the tax base, but we’ve brought in other jobs too,” Murray said. “So we brought a lot of jobs into town.”

There are also questions about what will happen to Macy’s towering main building on Seventh Street and Vine Street.

Murray said the work is now beginning to find tenants to fill the space Macy’s is leaving behind.

“It just depends on who is interested in this space and this type of building,” she said.

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