Smead Capitol Management (SCM) announced that they will be leaving the downtown area of Seattle because of the recent unrest and the city’s response to CHOP. Several other downtown businesses have either decided to move or close temporarily. Just last week the Trader Joe’s located in the Capitol Hill area closed it’s doors indefinitely. SCM is by far the largest loss for Seattle.
In a radio interview with reporters at KTAR News 92.3 FM, the company’s President and CEO Cole Smead said:
The unrest that has taken place in the city of Seattle … there is really is not a downtown business community today,
SCM has said that it will be moving to Phoenix’ Camelback Corridor.
My colleagues can pick the socio-economic rung of life that they want … live their lives, build their households and have a family if they’d like.
Where we’re coming from just wasn’t like that.
My biggest concern for Seattle was what the business community is going to come back to, and what kind of businesses are going to come back for customers.
We announced our decision to move to Phoenix internally to our staff in January, long before COVID shutdowns or nationwide protests made their way to Seattle. … nothing happening or being reported in the news right now had any weight in our decision to relocate from Seattle to Phoenix.
Smead announced on Tuesday.
The company and other local businesses cite the degradation of quality of life and growing hostility in Seattle, specifically with the city’s response t othe establishment of CHOP near downtown. Mayor Jenny Durkan was initially in support of what she deemed the ‘summer of love’ in downtown Seattle.
Since violence has taken root and at least one citizen has been murdered, she’s announced that the area will be dismantled.
But, not before major damage has been rendered to Seattle’s economy.