A recent article by Forbes Magazine highlighted the Boscov's Department Store located in Downtown Binghamton by sharing with the masses what many in our area involved in economic development already know. Boscov's, which opened in the City of Binghamton back in 1984, serves as a unique addition to the thriving downtown economy. The City of Binghamton is one of twelve cities across the United States that has a department store located in the heart of the city.
In August of 2021, the Broome County Industrial Development Agency voted to approve an extension of their lease with the City of Binghamton and Boscov's through April 30, 2022 in an ongoing effort to keep the store downtown. A popular location for pedestrians, Boscov's attracts a high amount of foot traffic for those shopping at the downtown boutiques and other small businesses; the store boasts five floors with everything from cosmetics to home furnishings. Due to impending costly maintenance and repairs which the store must undergo, Boscov's has yet to sign a longterm lease with The Agency, only renewing on a yearly basis for the past three years as they investigate potential funding solutions. Boscov's has reassured local officials, however, that they are committed to the Binghamton community.
At the February 16, 2022 board meeting, The Agency Board of Directors approved by unanimous vote a purchase option for Boscov's to buy the property for $2 over two years. This serves as the first step for Boscov's towards making these necessary capital repairs. The two year purchase option will allow Boscov's to further investigate funding solutions including state programs, grants, and more which many would have required ownership of the building. This potential project comes at a good time as the City of Binghamton is currently renovating the Boscov's parking garage to include a new parking space and apartments downtown. The Agency is looking forward to the capital improvements to be potentially made by Boscov's and is hopeful the store will call Binghamton home for a long time to come. Boscov's provides over 200 jobs to the local community and retaining them has remained a priority for The Agency as well as all mayors of Binghamton, past and present.