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Retail Chains Abandon Manhattan: ‘It’s Unsustainable’
New York Times ^ | Aug. 11, 2020 | Matthew Haag and Patrick McGeehan

Posted on 08/11/2020 3:26:31 PM PDT by Mount Athos

In the heart of Manhattan, national chains including J.C. Penney, Kate Spade, Subway and Le Pain Quotidien have shuttered branches for good. Many other large brands, like Victoria’s Secret and the Gap, have kept their high-profile locations closed in Manhattan, while reopening in other states.

Michael Weinstein, the chief executive of Ark Restaurants, said he will never open another restaurant in New York.

Of Ark Restaurants’ five Manhattan restaurants, only two have reopened, while its properties in Florida — where the virus is far worse — have expanded outdoor seating with tents and tables into their parking lots, serving almost as many guests as they had indoors.

“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.”

In Manhattan’s major retail corridors, from SoHo to Fifth Avenue to Madison Avenue, once packed sidewalks are now nearly empty. A fraction of the usual army of office workers goes into work every day, and many wealthy residents have left the city for second homes.

Some popular chains, like Shake Shack and Chipotle, report that their stores in New York were performing worse than others elsewhere, investment analysts said. A few dozen Subway locations have closed in New York City in recent months.

A Gap Store near Rockefeller Center has stayed closed and has not paid its $264,000 monthly rent. Two T.G.I. Friday’s in prime locations, one near Rockefeller Center and another in Times Square, have remained closed while its restaurants elsewhere in the country have reopened.

Landlords have started filing lawsuits against commercial tenants for not paying rent, accusing some national brands of trying to take advantage of the crisis.

(Excerpt) Read more at nytimes.com ...


TOPICS: Business/Economy; News/Current Events; US: Florida; US: New York
KEYWORDS: akadeblasio; andrewcuomo; antifa; arkrestaurants; billdeblasio; chipotle; economy; fifthavenue; florida; jcpenney; katespade; lepainquotidien; madisonavenue; manhattan; matthewhaag; michaelweinstein; newyork; newyorkcity; newyorkslimes; newyorktimes; ocasiocortez; occasionalcortex; patrickmcgeehan; realestate; retail; rockefellercenter; shakeshack; soho; subway; tgifridays; thegap; timessquare; victoriassecret
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To: Mount Athos

Mark Levin has just read the entire article on radio, with commentary.


101 posted on 08/11/2020 4:41:21 PM PDT by Fungi
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To: chopperk

In Florida they are still open, even though they are harder hit than NYC? Come on man...that is heavy spin, like Kamala serving the Bidens.


102 posted on 08/11/2020 4:42:22 PM PDT by Glad2bnuts (“If there are no absolutes by which to judge society, then society is absolute.” Francis Schaeffer)
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To: Bonemaker

Early Woody Allen movies are ok.


103 posted on 08/11/2020 4:44:32 PM PDT by wally_bert (Transmission tone, Selma.)
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To: Retrofitted; All

Yup. Californians did that to the once great conservative state of Colorado. I use the word, “cancer” to describe the spread of liberal policies to freedom loving American cities and states.


104 posted on 08/11/2020 4:48:12 PM PDT by Cobra64 (Common sense isnÂ’t common anymore.)
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To: setter
Rural America was devastated the last 30 years now it is going to be reborn.

How, by trucking in liberals.

105 posted on 08/11/2020 4:57:23 PM PDT by SKI NOW
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To: Paladin2
the scaled-down restaurant brings in about $12,000 a day — an 85 percent plunge in revenue, its chief executive said.

That's over ~$2.4 million per month. More than enough to cover the rent.

106 posted on 08/11/2020 5:04:37 PM PDT by Kenny Bania (Ovaltine? Why not call it Roundtine?)
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To: who_would_fardels_bear

“ ..and a variety of clam chowder.”

And a soda. Manhattan Special.


107 posted on 08/11/2020 5:06:39 PM PDT by EQAndyBuzz (Cloward-Piven is finally upon us.)
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To: Bonemaker
The grand strategy is to make life and business in NY so untenable that it drives even the lowest of democrat scum out into the hinterlands to contaminate what’s left of America.

Many will move to Connecticut, or Massachusetts, or Rhode Island (probably not Jersey - it's beneath them), so they will just make blue states more blue.

108 posted on 08/11/2020 5:22:52 PM PDT by neverevergiveup
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To: Mount Athos

“Florida — where the virus is far worse...”

Not true.


109 posted on 08/11/2020 5:22:56 PM PDT by ConservativeMind (Trump: Befuddling Democrats, Republicans, and the Media for the benefit of the US and all mankind.)
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To: SkyDancer

Seattle, Portland and Chicago soon to follow.”

Here in Seattle we had shops and restaurants in downtown closing last year before there was wuflu riots.

With the homeless and the drug addicts everywhere, no one wanted to linger after work to shop or eat and folks certainly didn’t want to just drive downtown in the evening.

Then the riots and downtown boarded up, Nordstrom’s flagship store entirely looted, the police chief quitting because she was not allowed to do her job. Seattle is basically destroyed.


110 posted on 08/11/2020 5:23:14 PM PDT by angry elephant (My MAGA cap is from a rally in Washingon state in May 2016)
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To: angry elephant

I agree. When I come home from my flights and my folks pick me up we head south on I5 and come up to where we live on Hwy101 completely avoiding Seattle; it’d be easier and quicker to take the ferry over to the Olympic Peninsula but we don’t want to go anywhere near downtown Seattle even if it’s just on I5 to Edmonds.


111 posted on 08/11/2020 5:27:14 PM PDT by SkyDancer (~ Pilots: Looking Down On People Since 1903 ~)
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To: Mount Athos; Gamecock; SaveFerris; PROCON; Rebelbase
J. Peterman is still in business. The Soup Nazi is closed, and so is the low fat yogurt. The Ma and Pa shoe place left years ago.

I don't know about Marcelino's Bodega or Schintzel's Deli. Wonder if Puta Mayo made it, or Mindy's?

112 posted on 08/11/2020 5:29:47 PM PDT by Larry Lucido
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To: Fungi

That’s a lot of bras to sell!


113 posted on 08/11/2020 5:31:12 PM PDT by refermech
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To: ronnie raygun

They make places danverous and crappy and rundown.

Sane people sell at below prices just to leave with their lives intact.

Then the demtards let their rich globalist friends directly or via companies, buy up the depreciated real estate offerings, move the problems to the suburbsand areas outside their city, even bus them to other parts of the state or country.

So globalist demtard control over areas thus grows tighter and the drive out more of those who oppose them


114 posted on 08/11/2020 5:31:54 PM PDT by Secret Agent Man (Gone Galt; Not Averse to Going Bronson.)
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To: Mount Athos

Hope every business leaves!


115 posted on 08/11/2020 5:34:31 PM PDT by bantam
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To: SkyDancer

I sometimes have to go to Seattle to work but it is rare.

I live up by Edmonds and so there is a lot of travel I can do on 99. So when going south I can stay to the west of Seattle.


116 posted on 08/11/2020 5:35:50 PM PDT by angry elephant (My MAGA cap is from a rally in Washingon state in May 2016)
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To: setter

Yes, I listened to a radio show the other day, where they were talking about rural property being extremely hot right now.


117 posted on 08/11/2020 5:42:12 PM PDT by marktwain (President Trump and his supporters are the Resistance. His opponents are the Reactionaries.)
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To: Mount Athos

George Soros destroys another USA city


118 posted on 08/11/2020 5:43:45 PM PDT by RightGeek (FUBO and the donkey you rode in on)
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To: angry elephant

Going south on I405 to bypass it totally going to SEATAC.


119 posted on 08/11/2020 5:43:54 PM PDT by SkyDancer (~ Pilots: Looking Down On People Since 1903 ~)
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To: Larry Lucido

Don’t forget Babu’s Dream Cafe, it is toast.


120 posted on 08/11/2020 5:44:21 PM PDT by Rebelbase
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