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Old Yesterday, 12:51 PM
 
Location: New York City
8,401 posts, read 6,438,801 times
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Quote:
Originally Posted by stormgal View Post
Bingo! Honestly, having a store is a waste of money.
That only applies universally if you can't make any money at $0 rent. I doubt you believe that in New York City, especially in Manhattan. So then it's a price problem - there is a number between $0 and what the landlords want that will be profitable. Landlords are asking too much, and the proof is in the vacancy rate
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Old Yesterday, 03:45 PM
 
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Quote:
Originally Posted by zhubaba View Post
Or maybe people are just doing more of their shopping online. There's a reason why Amazon is a trillion dollar company and Jeff Bezos is the richest person on earth (even post divorce settlement).
That's true, but when a little dumpling store in Chinatown closes, I don't think that's because they're moving online.
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Old Today, 11:17 AM
 
11,147 posts, read 9,536,715 times
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Landlords make nothing from an empty property. The retail paradigm has had a huge shift, and the city/state have made it much harder to run a business in NYC (increased minimum wage, commercial rent tax, lots and lots of regulations on employment and building code issues, health department regulations for anything food related, etc.) If businesses wanted to rent the vacant properties, deals would be made. Increasingly, no one is interested.

Quote:
Originally Posted by deeken View Post
You can thank the greedy landlords for this. And a lot of this nothing to do with Amazon. Many are food and specialty items stores that just can't afford the rent.
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