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When the Caldor in Flatbush, Brooklyn, folded in 1996, it looked as if the neighborhood might be headed for a downturn. The closure of the magnet store came as hospital and city government job cuts hit the area's largely low- to middle-income Caribbean population.
The decline never happened. The Sears store next door to Caldor ranked second nationwide for sales in 1996, the second year in a row. A neighborhood anchor since 1932, it grossed $73 million last year.
Flatbush is now building on that strength. Several other major retailers have moved in, and still more are being recruited. There are plans afoot to fill the areas gaps in evening entertainment and small office space.
RETAILING: Sears...