TikTok creators are nervously watching to see how the Supreme Court will rule on a federal law that would ban the app in the U.S. or force it to be sold because of national security concerns. While TikTok is primarily known for the endless short videos of users dancing or lip-synching, for some users it's key to their business. The Charlotte Ledger’s Tony Mecia joins WFAE's Marshall Terry to discuss this, and other local business news, on this week's BizWorthy.
Marshall Terry: All right, Tony, I usually think of TikTok and social media influencers like the Kardashians selling fancy clothing or something. But you talked to more down-to-earth people in Charlotte using TikTok for business. What did you hear?
Tony Mecia: We talked to, for example, a realtor with Allen Tate based in Cornelius, who has about 75,000 followers on TikTok, who says that last year she sold $13 million worth of homes in the Charlotte area and found about 35% of her clients on TikTok. So the elimination of TikTok could really affect the marketing that some people do. There are some big companies that have TikTok accounts. There are, of course, some big influencers that would stand to lose as well. There's also a cottage industry that's developed of social media consultants. All these people could be affected if the app shuts down on Sunday as expected.
Terry: Are there TikTok alternatives these folks can switch to?
Mecia: Well, nothing can replace TikTok, probably, Marshall, but there are a number of established social media platforms. There's obviously Instagram and YouTube. There are also some newer ones that have gained popularity this week. There's another Chinese app called RedNote. There's another one called Lemon8. Those were both very popular in the Apple App Store earlier this week as people are looking for alternatives.
Terry: All right, well, moving on to a new report from Mecklenburg County's Community Support Services Department, which says evictions are surging. What's behind that? I thought rent was finally falling.
Mecia: It is true that rent in the last year or year and a half had stabilized in Mecklenburg County. It's gone down maybe a little bit. Those numbers are still higher than they were a few years ago, and it could be the case that incomes are not keeping pace. The numbers show that eviction filings in Mecklenburg County surged by about 37% last year to about 46,000, and housing is becoming less affordable. About half of renters now pay 30% or more of their income for housing costs.
On the rental side, the median rent in Mecklenburg County is a little under $1,700 a month. That's obviously higher than it was just a few years ago, and the numbers are showing that folks on the lower end of the income ladder are paying a higher percentage of their income in housing than they previously did. So we're starting to see some of the effects of some of these higher housing costs.
Terry: OK. It seems like déjà vu is happening in Ballantyne. The Earth Fare grocery store there is set to close at the end of the month. This has already happened once, right?
Mecia: Yes, Marshall, you might recall that in February 2020, just a month before the pandemic, Earth Fare filed for bankruptcy, closed all of its stores, and really missed out on this huge revival in the grocery industry. As everybody stayed home and needed groceries, they reconstituted the company and reopened after COVID hit. But now, a lot of these stores have closed again. Earth Fare is closing its store in the Ballantyne area, and they are citing much tougher competition in the grocery industry, especially in south Charlotte.
Terry: From a closing now to an opening — a rebirth, in fact. You report Carolina Actors Studio Theatre is reopening after 10 years. Remind us why it closed in the first place and what's behind the comeback.
Mecia: It was a local theater company that fell on some financial hard times. It was known for its immersive and experiential type of theater, but now it's being brought back. It's teaming up with Actors Collaborative Theatre, and they're producing a play called "Alabaster," which starts at the end of February. Good news for local theater.
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