In 2020, according to Center for an Urban Future’s annual “State of the Chains” report, 12.8% of New York City chain stores shut their doors. In 2021, there was a modest increase of a 2.8 percent increase. Through the pandemic, Pret a Manger, Shake Shack, Wingstop, and Insomnia Cookies all added locations.
The losers: T-Mobile, McDonalds, Starbucks, Duane Reade, and Walgreens. With office workers slow to return, Manhattan retail has suffered more than the outer, boroughs.
Declining rents and empty storefronts are providing new opportunities for the mom-and-pops. Now is the time to acquire space. Contact GE Grace to see your future premises. Call George at 646 312 6800.