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Colleyville Fighting Tough Economic Times

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Jul 17, 2008 5:45 pm US/Central

Colleyville Fighting Tough Economic Times

Seema Mathur
COLLEYVILLE (CBS 11 / TXA 21) ―

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From where you fill up your gas tank, to where you eat, to where you live… the sagging economy is affecting everyone. Thursday we focused our cameras on the City of Colleyville and the people who live and work there.

Colleyville is a city of some 23,000 residents and most would agree the 'hot spot' in town in The Village. Nowadays, with so many people pinching pennies, the 'spot' isn't as 'hot' as it used to be.

"It was wonderful and business was great," Luxor Jeweler Waguih Guirguis explained. "But I think the economic situation is making people slow down a little bit on how they spend their money."

Just across from Luxor, Restaurant 62 closed just this week. "We're broke," said owner David McMillan. "We're behind with everybody."

A chef of 28 years, McMillan says the restaurant was his family's dream. In the last few months the restaurant had received numerous awards and positive reviews, usually all the 'ingredients' needed to be successful.

McMillian says there's no doubt, economic times could be better. "They don't want to call it a recession - it is!"

Collyeville's Interim Economic Developer, Mike Johnston, is still banking on the city's reputation of being an attractive place to live. Meanwhile, half of the major grocery stores in the city sit empty and some retail businesses are facing bankruptcy.

The city has plans to kick off a marketing campaign next week and Guirguis is thinking of taking out television advertising.

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