Rechov Malchei Yisroel and the side streets in Geula, known
collectively as the Geula section, is the most lucrative and
flourishing commercial area in Jerusalem according to a
survey conducted by the National Commerce Association.
According to the figures published in the weekly newspaper,
Yerushalayim, Rechov Malchei Yisroel has the highest
leasing rates at $90-$110 per square meter. The turnover
there is also the highest at $2,500 per square meter, much
more than other commercial areas in the city, including the
major shopping malls.
Chareidi buying power has been demonstrated time after time
in surveys and analyses conducted by commerce organizations
and various companies, but these figures show the chareidi
public does its shopping in set commercial areas, avoiding
shopping malls and shopping districts in non-chareidi parts
of the city. The survey revealed successful businesses at the
intersection of Bar Ilan and Shmuel Hanovi, where thousands
of Jerusalem residents pass every day on their way to the
North Jerusalem neighborhoods of Ramot, Sanhedria, Shmuel
Hanovi, Ramat Eshkol and Neve Yaakov.
In contrast several central commercial areas suffered
declines, especially the downtown area. Some commercial areas
even closed down in recent years due to reduced turnover
caused by the intifada.
Business owners say the lowered turnovers in various
industries downtown followed the closure of many stores on
Rechov Yaffo and the surrounding area due to work on the
light-rail system and various transportation problems in the
city, as well as the decrease in tourism and the prolonged
recession.
