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idk what it was like before but there is a lot. i read an article about how rents aren’t coming down even though nobody can afford them. it’s well known that many of the storefronts are little more than advertisements, and the loss is basically assumed in the marketing budget.
i would be interested to see how many stores are actually in the black in, say, soho. rent is $100-200/sq ft. maybe some legacy brands like ysl/gucci/chanel/fendi and the like actually do have their customer base + tourist $$, but some of these stores... byredo? vans? american eagle? who the hell buys american eagle in SOHO? no way all of these stores are breaking even, let alone making money.
It’s not just NYC. Physical retail is going down the tubes. The vast majority of the US is going to online retail due to convenience and price.
Even if online retail is only 10%, it might lead to a more visible empty retail spaces that OP highlighted (if this leads to a direct 10% reduction of shops, for example)
I wouldn’t say physical retail is dead. More so, consolidating. There’s no question a lot of big brands lost their physical presence because of the ease of online shopping, but some brands have swerved the other way- starting with an online presence - think Warby Parker, Everlane, etc to thrive in the physical sense.
Pop ups are doing really well in NYC and many have become permanent fixtures in the City.
Others are letting you get a look and feel for their curated merchandise, but carry virtually no inventory. For example- The Conservatory at Hudson Yards. You can go in, but to buy, you need to be a member and order items online afterward. Not sure how well this model is working for them though.
LMGTFY
http://www.vacantnewyork.com