Big business may be becoming a smaller thing in New York City as several large retailers and food chains continue a mass exodus.
For the first time in more than a decade, nationally known chains are moving out of New York City, according to a brand-new report that was recently released.
According to the study, nationally known retailers are moving out of the area in greater numbers than their coming in, marking the first time in 11 years. The Center for Urban Future determined that a record 124 retailers have reduced their store footprint over the past year, nearly double the 65 retailers that cut back store locations last year.
The study found that the number of chain stores in New York City declined by 0.3 percent over the past year, marking the first year-over-year drop in national retail locations since the Center for an Urban Future began their annual analysis of the city’s chain retailers.
“Our eleventh annual analysis of national retailer locations in New York also finds that a record 124 retailers—37 percent of the 331 national retail companies in our study—reduced their footprint over the past year,” the report states.
“This compares to 99 retailers that registered a net gain in stores over the past year, and 108 retailers whose footprints remained unchanged. In fact, the number of retailers reducing stores is up by 91 percent; last year, just 65 of the retailers in our report registered a net decline in stores.”
Overall, the analysis found that the 331 retailers listed in last year’s ranking reduced their total footprint in New York City by 27 store locations, declining from a total of 7,876 stores in 2017 to 7,849 stores in 2018, a 0.3 percent decrease. The study determined that the slowdown is led by Manhattan, where the number of chain store locations shrank by 2.3 percent—the sharpest single year decline to date.
The full report from the Center for an Urban Future can be found here.
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