Philip DeSimone – Executive Vice President September 2020 The COVID-19 health crisis has sent a shock wave throughout the U.S. economy. In the second quarter, U.S. gross domestic product (GDP) declined from the first quarter by 32.9% when measured on an annualized measure. In Massachusetts, the economy shrank at an even more staggering pace, plummeting [...]
Fidelity Bank Podcast Series
Join Jim Umphrey of Kelleher & Sadowsky and Edward Manzi of Fidelity Bank as they discuss the impact of Covid-19 on Worcester's commercial real estate market.
William D. Kelleher, IV – PrincipalLike a toddler’s patient parents mimicking airplane sounds and motions with broccoli florets speared on the end of a fork, they set out to get the entire city of Worcester to “open wide.” Any parenting veteran knows the challenges when it comes to developing healthy eating habits in a youngster –– never mind an entire city. But 49 years ago, Albert and Magdalena Maykel, the owners of The Living Earth Natural Market & Café at 232 Chandler Street, set out on their demanding mission. They believed that people would eventually grow to both understand and appreciate the value of proper, quality nutrition.
James P. Cozza – Vice President
From former grocery stores to sports parks to big box retail outlets, real estate owners are finding innovative and new ways to repurpose vacant space. Recently, owners have seen non-traditional office uses, lifestyle/entertainment outlets, and medical offices take over these vacant spaces. The driving factor behind all of this – online consumer spending. Over the last five years stores such as JC Penny, Sears and Macy’s have all seen a significant decrease in retail spending and as a result, have been closing doors and downsizing across their entire portfolios.