Communities Around Hedge Funds Collapse
Greenwich, CT used to be the US hedge fund capital (outside of New York). It used to be difficult to find a parking spot for your Porsche or Mercedes in Greenwich's downtown. As banks and hedge funds shut down, boutique stores all around Greenwich are shutting down. While difficult retail times are being seen around the US and even the world, the evaporation of wealth in areas like Greenwich is much more severe. There are more than 100 hedge funds in Greenwich.
Some projections have the hedge fund industry cutting 20,000 jobs this year, nearly 14% of the industry. As these employees lose their jobs, and remaining employees lose their bonuses, high end stores in areas with a high concentration of financial services jobs are likely to be hit hardest.