Doing business in NYC "Unsustainable"

[Big Blitz]

Retail Chains Abandon Manhattan: ‘It’s Unsustainable’

....“There’s no reason to do business in New York,” Mr. Weinstein said. “I can do the same volume in Florida in the same square feet as I would have in New York, with my expenses being much less. The idea was that branding and locations were important, but the expense of being in this city has overtaken the marketing group that says you have to be there.”

 

For four months, the Victoria’s Secret flagship store at Herald Square in Manhattan has been closed and not paying its $937,000 monthly rent. “It will be years before retail has even a chance of returning to New York City in its pre-Covid form,” the retailer’s parent company recently told its landlord in a legal document.

 

“In the prime real estate areas, all the stores rely on having half international tourists and half local tourists or those from the local neighborhoods,” said Thiago Hueb, a founder of a jewelry company who had decided to close his flagship store on Madison Avenue before the pandemic struck because of high rents.

 

Now brokers are calling him trying to lure him back to the block, but Mr. Hueb, whose jewelry is sold in 80 department stores nationwide, is not interested.

 

“The avenue is no longer what it used to be,” he said....

 

....

 

“In New York City, there is next to no lunch business,” he said. “No one’s coming in from Connecticut. No one’s coming in from New Jersey.”

 

And, there are no tourists wandering the streets, he added.

 

The story is different at some of the company’s restaurants on the West Coast, which are now doing as much business lately as they did a year ago, he said.

 

The shutdown and phased reopening of the city presented challenges that derailed Veggie Grill’s expansion plans.

 

Three months after opening, Mr. Gentile had to lay off all 70 of its New York employees, including a general manager who was supposed to oversee the addition of three locations in the city. In May, the company hired back about 24 of the workers with expectations that business would pick up as the city reopened.

 

Now, the staff is down to 16 employees, only two of whom work full-time.

 

“We have two hours at lunch and 2½ hours at dinner to make our money,” he said. “We’re still paying very high rent. It’s unsustainable.”

 

 

https://www.nytimes.com/2020/08/11/nyregion/nyc-economy-chain-stores.html

 

 

 

I wish these people would stop worrying about the economy and money.  

 

Welp.  That's what happens when you convince almost the entire country that if you walk by someone and you're within 6 feet of them you will die.  

 

RIP New York.  

 

Edited August 11, 2020 by Big Blitz

[IDBillzFan]

None of this matters because the residents will continue to elect far-left leaders who are intent on destroying the city.

[Keukasmallies]

2 minutes ago, IDBillzFan said:

None of this matters because the residents will continue to elect far-left leaders who are intent on destroying the city most big cities.

 

Not fixed as  much as expanded.

[RochesterRob]

29 minutes ago, Big Blitz said:

Retail Chains Abandon Manhattan: ‘It’s Unsustainable’

....“There’s no reason to do business in New York,” Mr. Weinstein said. “I can do the same volume in Florida in the same square feet as I would have in New York, with my expenses being much less. The idea was that branding and locations were important, but the expense of being in this city has overtaken the marketing group that says you have to be there.”

 

For four months, the Victoria’s Secret flagship store at Herald Square in Manhattan has been closed and not paying its $937,000 monthly rent. “It will be years before retail has even a chance of returning to New York City in its pre-Covid form,” the retailer’s parent company recently told its landlord in a legal document.

 

“In the prime real estate areas, all the stores rely on having half international tourists and half local tourists or those from the local neighborhoods,” said Thiago Hueb, a founder of a jewelry company who had decided to close his flagship store on Madison Avenue before the pandemic struck because of high rents.

 

Now brokers are calling him trying to lure him back to the block, but Mr. Hueb, whose jewelry is sold in 80 department stores nationwide, is not interested.

 

“The avenue is no longer what it used to be,” he said....

 

....

 

“In New York City, there is next to no lunch business,” he said. “No one’s coming in from Connecticut. No one’s coming in from New Jersey.”

 

And, there are no tourists wandering the streets, he added.

 

The story is different at some of the company’s restaurants on the West Coast, which are now doing as much business lately as they did a year ago, he said.

The shutdown and phased reopening of the city presented challenges that derailed Veggie Grill’s expansion plans.

 

Three months after opening, Mr. Gentile had to lay off all 70 of its New York employees, including a general manager who was supposed to oversee the addition of three locations in the city. In May, the company hired back about 24 of the workers with expectations that business would pick up as the city reopened.

 

Now, the staff is down to 16 employees, only two of whom work full-time.

 

“We have two hours at lunch and 2½ hours at dinner to make our money,” he said. “We’re still paying very high rent. It’s unsustainable.”

 

 

https://www.nytimes.com/2020/08/11/nyregion/nyc-economy-chain-stores.html

 

 

 

I wish these people would stop worrying about the economy and money.  

 

Welp.  That's what happens when you convince almost the entire country that if you walk by someone and you're within 6 feet of them you will die.  

 

RIP New York.  

 

  And Cuomo is the biggest fool in all of this.  He had the benefit as a citizen to see the effects in NYC following 9-11 and scoffed off the lesson which is companies can rethink strategies concerning NYC.  That NYC is not a black hole where once placed that nothing can escape its event horizon.  The man should be run out of NYS but will not be due to other gullible fools who will think "they (businesses) will be back."

[Big Blitz]

Unsustainable.

 

Empty apartments in Manhattan reach record high, topping 13,000

 

 

 

The number of empty apartments for rent in Manhattan soared to their highest level in recent history, topping 13,000, as residents fled the city and landlords struggled to find new tenants.

 

 

The number of apartments for rent, or listing inventory, more than doubled over last year and set a record for the 14 years since data started being collected, according to a report from Douglas Elliman and Miller Samuel. As the number of apartments listed for rent hit 13,117, the number of new leases signed fell by 23%.

 

https://www.cnbc.com/2020/08/13/empty-apartments-in-manhattan-reach-record-high-topping-13000.html

[Doc]

On 8/11/2020 at 1:00 PM, IDBillzFan said:

None of this matters because the residents will continue to elect far-left leaders who are intent on destroying the city.

 

The definition of insanity stupidity...

[B-Man]

 

 

VOTE IN DEMOCRATS, GET SQUALOR:

 

● New York’s economic outlook ranked worst in the nation.

 

Earlier: “What is so sad about what’s happened to New York is that everybody knew it would happen.

This was all predictable, if you remember what happened to New York back in the 1970s and ’80s.”

 

 

 

 

 

 

[Pine Barrens Mafia]

Democrats are democrats because they're idiots. They're idealists that refuse to acknowledge the truth about human nature, and they think that progressive policies can change human nature. Pro top: they can't.

[Q-baby!]

7 minutes ago, Joe in Winslow said:

Democrats are democrats because they're idiots. They're idealists that refuse to acknowledge the truth about human nature, and they think that progressive policies can change human nature. Pro top: they can't.

It’s pro tip, idiot. 

[Big Blitz]

No Nate.  No.  And the fear porn on Covid isn't helping.   RIP.

 

 

 

[Koko78]

1 hour ago, Big Blitz said:

No Nate.  No.  And the fear porn on Covid isn't helping.   RIP.

 

 

 

 

Why, it's almost like people don't want to walk through ****-lined streets to pay exorbitant taxes if they don't have to.

[Big Blitz]

 

[US Egg]

https://www.battleswarmblog.com/?p=45376