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(The New York Times)   "It will be years before retail has even a chance of returning to New York City in its pre-Covid form,"   (nytimes.com) divider line
    More: Obvious, New York City, Manhattan, New York, Midtown Manhattan, part of national chains shows, country's top-grossing restaurants, flagship stores, retailer's parent company  
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270 clicks; posted to Business » on 11 Aug 2020 at 9:40 PM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



14 Comments     (+0 »)
 
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2020-08-11 7:43:24 PM  
New York sucks anyway.
 
2020-08-11 9:40:26 PM  

Mugato: New York sucks anyway.


That's really insightful.
 
2020-08-11 9:57:41 PM  
So does this mean the porn theaters are coming back?
 
2020-08-11 10:12:33 PM  
Yeah, thats going to be a unique NYC problem.
 
2020-08-11 10:56:24 PM  
Why do that. Build something better. (I know that's not going to happen... but we did build something better once)
 
2020-08-11 11:18:17 PM  

Mad_Radhu: So does this mean the porn theaters are coming back?


I want Times Square to be chock-full of masturbatoriums. Just a sea of breasts, penises, assholes and vaginas. Do it, you cowards!
 
2020-08-12 12:00:08 AM  

BrundleFlyForAWhiteGuy: Mad_Radhu: So does this mean the porn theaters are coming back?

I want Times Square to be chock-full of masturbatoriums. Just a sea of breasts, penises, assholes and vaginas. Do it, you cowards!


Need to leave Guy's place there so you bring donkey sauce to the donkey show.
 
2020-08-12 12:13:02 AM  
Why would New York be hurting for retail? Commerce requires population and NYC has that in spades. Yeah, the short term of a couple of years will be ugly for a lot of places, but the major cities will be the first to recover because new businesses will pop up.

The chains that are closing will be far worse for the micropolitan areas because the drop in consumer spending will be devastating
 
2020-08-12 12:34:26 AM  

Snarcoleptic_Hoosier: Why would New York be hurting for retail? Commerce requires population and NYC has that in spades. Yeah, the short term of a couple of years will be ugly for a lot of places, but the major cities will be the first to recover because new businesses will pop up.

The chains that are closing will be far worse for the micropolitan areas because the drop in consumer spending will be devastating


NYC is too crowded, nobody goes there any more.
 
2020-08-12 2:20:04 AM  
DeBlasio can just buy the buildings for his homeless shelter program.
 
2020-08-12 8:21:30 AM  

Snarcoleptic_Hoosier: Why would New York be hurting for retail? Commerce requires population and NYC has that in spades. Yeah, the short term of a couple of years will be ugly for a lot of places, but the major cities will be the first to recover because new businesses will pop up.

The chains that are closing will be far worse for the micropolitan areas because the drop in consumer spending will be devastating


Rents are disproportionately greater in NYC because space is so limited, and the limited space makes it difficult to add outdoor areas. As the article notes:

"There's no reason to do business in New York," Mr. Weinstein said. "I can do the same volume in Florida in the same square feet as I would have in New York, with my expenses being much less. The idea was that branding and locations were important, but the expense of being in this city has overtaken the marketing group that says you have to be there."

NYC retail also depends heavily on tourists - do you really think the locals are shopping at the "flagship" stores on Fifth Ave and in SoHo?

And if there is a permanent work from home shift, all of the restaurant chain stores in Midtown are really screwed - all of their business comes from the people who work in the office towers.
 
2020-08-12 11:40:19 AM  
thornhill:
NYC retail also depends heavily on tourists - do you really think the locals are shopping at the "flagship" stores on Fifth Ave and in SoHo?

And if there is a permanent work from home shift, all of the restaurant chain stores in Midtown are really screwed - all of their business comes from the people who work in the office towers.


Bingo. NYC isn't unique where people are out in the streets shopping all the time...people that live there order all their crap from Amazon or Target and such just like everywhere else. All those stores in Times Square? Tourists.
 
2020-08-12 2:32:45 PM  

Snarcoleptic_Hoosier: Why would New York be hurting for retail? Commerce requires population and NYC has that in spades. Yeah, the short term of a couple of years will be ugly for a lot of places, but the major cities will be the first to recover because new businesses will pop up.

The chains that are closing will be far worse for the micropolitan areas because the drop in consumer spending will be devastating


A high population is more of a curse than a blessing if that population is going through hard times.
 
2020-08-12 3:52:46 PM  

TedCruz'sCrazyDad: Snarcoleptic_Hoosier: Why would New York be hurting for retail? Commerce requires population and NYC has that in spades. Yeah, the short term of a couple of years will be ugly for a lot of places, but the major cities will be the first to recover because new businesses will pop up.

The chains that are closing will be far worse for the micropolitan areas because the drop in consumer spending will be devastating

NYC is too crowded, nobody goes there any more.


Actually, you're right.

People are leaving NYC because it's too crowded, and because it's too expensive.  We've been seeing evidence of this for months now.

People who can afford to leave NYC are leaving permanently, once they realize they can simply work remotely.  It's bad enough that the governor of NY state started asking the wealthy to move back to NYC, because NYC is losing tax money.

https://thehill.com/homenews/state-wa​t​ch/510829-cuomo-calls-on-wealthy-to-re​turn-to-new-york-city-you-got-to-come-​back

And it's not just the very rich.  Even the moderately well off who have summer homes (including quite modest ones) have been planning on staying at them year-round.

https://www.fark.com/comments/1084990​7​/127672041#c127672041
 
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