Borderland bookstore in San Francisco announced it will out of business in March after eighteen years. They have to fight the giants Amazon and e-books from them and from Barnes and Noble. And the costs of operating in the big city - high rents, etc. But they say the final nail was the high and increasing minimum wage.
The minimum wage was $10.74 last year; it went to $11.05 on January and will go to $12.25 on May 1. And it will continue to rise until it reaches $15.00. That’s 14% in less than five months! Balance your budget with one of your largest expenses going up 14%! In the book selling business you can’t raise your prices like that; it would mean death. The store’s blog explains every alternative they explored of reducing expenses or raising revenues. Borderlands
And the problem is widespread. A study by American Action Forum shows that cities and states with higher minimum wages have higher unemployment and it’s much worse for teenagers. Study