Fred Silverman, a merchant who sells cement, iron rods and other building materials, rarely has a moment to sit down much less grant an interview. One recent sunny Wednesday afternoon was hardly any different and that’s because Silverman’s shop, neighbors say, is one of the most patronized in the community district 5 area of the Bronx.
Customers trooped in and out of the store on West Tremont Avenue all afternoon. Silverman had to skip lunch to keep up with his customers’ demands. His brothers and partners, Al and David, as well as the nine other employees, buzzed about like bees making honey.
“We are always very busy here as you can see. Once we open in the morning, we hardly have time for any other engagement than attending to customers,” he said as he wrote out an invoice for a customer.
While most American businesses ail, retrenching staff and recording losses, Silverman’s business, Harrow, Lumber & Hardware Inc. has grown stronger and more profitable in the last year. Its owners won’t discuss its current profit level. But Silverman admits the company is still in good health, despite the recession. In fact, the company is about to hire extra help in response to the growing patronage it says it has enjoyed in recent months.
“We have been lucky, much more than many of our competitors. We know that the economic climate is bad but we have no reason to complain. We are doing well,” Silverman said, beaming with smiles.
Harrow, Lumber & Hardware is among the few businesses in the district that have remained immune from the effects of the recession, triggered by the collapse of the Lehman Brothers in September 2008. An online survey of 3, 974 small businesses conducted by Decision Analyst in January 2009 suggested that many small corporate concerns in the U.S. were groaning under the weight of the global recession. To keep afloat, many businesses across the country have opted to delay equipment purchases, cut supplies, reduce travel expenses and staff entertainment, freeze hiring and limiting overtime.
In its ability to defy the recession, Silverman’s firm is in the league of another Bronx-based company, Buena Vista Glass and Windows, Corp., which deals in the supply, installation and repair of glass doors and windows. Its manager, Abby Gonzalez, said when the recession began and it became apparent that demands would dwindle, the company decided to peg prices for its services “at a very low level.”
“That decision is a blessing to us. We may not have grown as we liked but our profit has not gone down. We are still where we were before the recession. We are OK,” Gonzalez explained.
Things might get even better soon. Federal Reserve Chairman Ben Bernanke suggested on September 15 in a speech that the recession was over “from a technical perspective.”
But for many other small businesses in Bronx district 5, the recession is yet to ease off. Roc Charles, who runs This Is IT, a barbershop on Tremont Avenue, said the patronage of his shop and his profit have dropped by about 50 percent.
“It is very tough for us. Those who used to barb their hairs every week have reduced it to every two or three weeks. So, for us, it seems the recession is only just beginning,” Charles lamented. “Paying the rent for this shop is even becoming a serious problem for us.”
Meanwhile storeowner Silverman chalks up his escape from the downturn to simple foresight, and recommends that other small businessmen should follow his example.
“We look ahead and try not to be in too much debt at anytime. And whenever patronage is slow, we also try to buy less merchandise,” said Silverman. “Those measures have paid off for us and they can work for others.”