Carteret, NJ – Mayor Dan Reiman joined Gary Richard, President and C.E.O. of P.C. Richard & Son, in announcing that its Carteret warehouse doors will be opened to the public from January 21st through the 26th, from 9:00 a.m. – 9:00 p.m.. The company, one of the most rapidly expanding electronics retailers in the metropolitan area, first began construction on its warehouse & retail center in 2009, and has recently joined Carteret’s Urban Enterprise Zone.
According to Mayor Reiman, the event will showcase one of the most recent and sizable additions to the Carteret business community, in addition to presenting a rare opportunity for residents and visitors to save on its merchandise.
“This will be a great opportunity to save for regional consumers,” Mayor Reiman stated, “but more importantly, showcase another watermark in the growth of our business community, and the continuing expansion of our tax base.”
In 2008, the Borough entered into a $100 million dollar redevelopment agreement with A.J Richard & Sons, Inc. (Parent Company of the P.C. Richard’s Home Electronic Super Center) for Phase I of the West Carteret Minue Street Retail Redevelopment Area.
As part of the redevelopment agreement between the Borough of Carteret and P.C. Richard’s, the company would begin construction on a 33,000 sq. ft. P. C. Richard & Sons retail and clearance superstore on Minue Street, fronting the New Jersey Turnpike.
The retail and clearance superstore is planned to open in the winter of 2010.
P. C. Richard & Son is a family-owned and operated retailer since 1909, touted as having 98 years of “honesty, integrity and reliability”.
In addition to the new Carteret retail and clearance superstore, fifteen acres of existing light industrial space has been converted into office and warehouse/distribution space for PC Richard & Son’s operations. The property conversion and development has called for the acquisition and remolding of a 330,000 sq. ft., formerly underperforming warehouse, a distribution facility, and the construction of a 20,000 sq. ft. office building.
“We enthusiastically welcome such a well established company, that will have provided over $15 million in “union” construction jobs upon its completion,” said Mayor Reiman.
Carteret (UEZ) Urban Enterprise Program certification will provide P. C. Richard & Sons with state tax benefits and employment incentives, while benefitting from the reduced sales tax rate of 3½ %, a savings for consumers on all retail sales. Reduced sales tax have helped provide a competitive edge for attracting customers to participating businesses throughout New Jersey.
Mayor Reiman stated, “Carteret is quickly becoming a vibrant hub of economic activity – with our location, UEZ benefits, our business recruitment agenda, and a business-friendly administration; this is just the start of some major commercial redevelopment for Carteret. We wish P.C. Richard & Son much success in their new location, and look forward to the beginning of construction on their retail store this spring.”
According to the Borough Construction Office, plans for the retail phase of the project have been completed, and applications are currently being submitted for Planning Board approval.
