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"Anyone who has recently strolled through iconic New York neighborhoods like SoHo or the West Village has witnessed how blighted they’ve become by empty businesses".
"Anyone who has recently strolled through iconic New York neighborhoods like SoHo or the West Village has witnessed how blighted they’ve become by empty businesses".
Well, that's really a shame. I know the East Village (8th Street) and parts on the UWS and UES have empty storefronts but didn't know it has also hit the Soho area. Only chain stores and banks can survive now it seems. How bland that will be.
First of all, stupid developers and landlords thought they would hit the jackpot by pushing out indie businesses in favor of higher end retailers and chain stores. The problem with that strategy is that there were only so many chain stores and retailers to go around to fill up all of these vacant spots, and the ones that could come here were facing a glutted market, what with the 15 million pharmacies, bank chains and mall rat stores already here and offering the same service within a block of each other.
The second reason is that the rents became so high that many chains either couldn't afford it or justify the costs. These idiot developers and landlords thought the sky was the limit. Unfortunately, even multi billion dollar corporations have their limits.
Lastly, some of the chain stores that practically dominated NYC for years were bought out or swallowed by larger entities and are now being closed down post buyout.
Hmmm... First the mom and pop stores could not survive. Now, even chain stores are struggling. What will happen to all those empty storefronts? Hmmm....
This topic has been discussed to death in various mediums for past several years now. Simple truth is there are many parts to why so much retail space is empty, and while rents do play a part there is more to it than just that.
Main truth is piled up in every single building lobby all over Manhattan and elsewhere; all those packages delivered from online sales.
In just the space of a decade or two Internet sales has grown to become a major force in US economy. As such for many, many, many brick and mortar stores their completion isn't just someone across the street; but Amazon, Jet, and the now hundreds of other online retail sources.
As for the West/Greenwich Village, rapid changes in demographics caused by many factors also is playing a role.
With the closing of Saint Vincent's hospital a *major* employer not only left that part of West Village, but also gone are those who went to visit patients or whatever at that place and would get food, flowers or engage in other retail activity.
From roughly 29th Street going south into the Financial District you also have the fact large parts of Chelsea, West Village, Greenwich Village and now even East Village have shifted socio-economically. What was once largely manufacturing, industrial with working to middle class (with some areas of wealth) has become far more skewed to the wealthy. Home prices and rentals below 23rd Street are actually higher than the UES these days, and that should tell people something.
But I'm wondering what's going to happen to all the empty stores. Mom & Pop stores were the first to go. Now, chain retail and restaurants aren't faring any better. If it causes rents to significantly drop maybe those stores will eventually come back? Or will it all turn residential? I doubt it's just going to stay empty to rot. Hmmmm....
Higher rents are pricing Mom and Pops shops out. The remaining few left have another threat in the form of Amazon in which everyone is now shopping online as one Mom and Pop owner remarked in the linked article. Even the chain stores can't survive if everyone is shopping online.
At some point, what is the purpose of living in overpriced NYC? Its advantages of being walkable to stores and subways (now breaking down regularly while also getting filthy and smelly, see here) are now negated.
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