Canal Street - A Must See When You're In NYC

P.S. Oliver
While taking a friend through New York I thought I would be remiss in my duties as unofficial tour guide if I didn't make a stop down at Canal Street. I've been there many times and always make it a point when I'm in or around TriBeCa to stop by and browse through the eclectic shops that line the historic street. Unfortunately I made an error in judgment. I allowed my companion to wander off by himself to shop. After about a half an hour we met again on a busy street corner where he happily showed me his purchases for the day.

"Look!" He said, barely containing his excitement. "A Rolex!" he continued.

I slapped my forehead for dramatic effect. One of MY friends fell for the Rolex scam.

"It's fake." I said. However, as far as cheap watches go, it didn't look too bad. Aside from the slightly off-centered "Rolex" logo on the watch face, it would pass as a decent, though pretty inexpensive watch. Perhaps my friend, in his ignorance, stumbled upon a bargain after all.

"How much was it?" I asked.

"Fake? Man, he told me it was a real Rolex. Now I'm out $50." He said with a grimace.

Where did I go wrong? Next he showed me a fine little statue of Buddha. I must admit, it was well made and something I wouldn't mind picking up for my grandmother (who has a Buddha collection). But when he told me he spent $15 on the small figure, I knew something was wrong.

"How much was it originally?" I asked.

"Originally?" He looked puzzled.

"You haggled, right?" I said, though I already knew the answer.

Canal Street is a sight that cannot be seen in every city. It is part of what makes New York great. The market stalls of Canal Street are filled with people of every ethnicity and religion. Everything from New York souvenir shirts to jewelry is sold along Canal, and everybody wants your business. Those who have never been there before seem to be whisked off into a surreal state as the bustling street engulfs them. The merchant cry of "CD/DVD" or "Prada/Rolex" draws in unwitting patrons every day. After all, if it didn't work, at least sometimes, they would probably stop.

Despite frequent raids, Canal Street is the Mecca of counterfeit goods. If you have a popular brand name, the odds are someone has ripped it off and is selling it on Canal Street. Many people willingly purchase these counterfeits (some of which look very close to the real thing), while others are duped into thinking that they obtained a Rolex for only $50.

Merchants are in a constant state of competition. As such, very few prices are set in stone and everything is pretty much up for negotiation.

Canal Street is a great place to visit as a tourist, or even a native New Yorker. However, common sense plays a large role in shopping there (or anywhere for that matter). If, while shopping on Canal Street, you come across a popular brand name that is significantly cheaper than anywhere else you have seen (think $50 for a Rolex where in stores they are generally over $2,000), consider that there is something wrong with this product. Either it is counterfeit or stolen. Neither are things you want to be caught with.

Never flash large amounts of money on a busy street, period. However this rings especially true on Canal Street. You'll quickly find yourself marked for a pickpocket.

Watch your wallet and be careful who you do business with, there are some funny people out in the world today.

Published by P.S. Oliver

P.S. Oliver is a Financial Professional living in New York. A U.S. Navy Veteran, P.S. Oliver received his education at the University of Scranton (B.A. Philosophy) and Colorado Technical University (B.S. Bu...  View profile

1 Comments

Post a Comment
  • Alex2/7/2009

    I loved Canal Street and I love my 'Rolex' haha the guy said $150 I told him I only had 40 :-( lol he's like "...GImme the money!" and i had the watch on my wrist and we parted haha. Was so much fun I'm going to go back when I get a chance.

To comment, please sign in to your Yahoo! account, or sign up for a new account.