Money Watchers: New businesses in New Bedford

In an effort to help revitalize the city, two new, small stores have opened under one roof on Union Street in downtown New Bedford.

"This is yet another step towards a more vibrant downtown," said Mayor Jon Mitchell.

The downtown, like other New England urban cores, has been struggling for some time to lure business owners back in.

"I feel like we're on the upswing. I feel like the next 10 years is going to be awesome down here," said Henry Gaitlin.

While Gaitlin runs a custom frame shop, his business partner, Larry Jaquity is operating a book store.

"When I came here a few years ago, no one was selling New Bedford books, so I thought there really should be a book store dedicated to New Bedford and Cape and the Islands. And so that's what most of the books are," Jaquity said.

The two men will share in the operating costs of heat, rent and insurance.

The mayor remains optimistic.

"We're proud today, we have entrepreneurs like Henry and Larry who are willing to extend themselves a bit, take a risk and make it happen for New Bedford. They both love the city. They both want to make it a better place for everybody and this is an occasion when we get to say New Bedford is open for business," Mitchell said.