Vacant Storefronts on NYCs Broadway Surge by 78 Percent, Report Says
In another troubling sign of the pandemics effect on the U.S. economy, Manhattan Borough President G..
In another troubling sign of the pandemics effect on the U.S. economy, Manhattan Borough President Gale Brewer and her staff found more than 330 vacant storefronts along New York Citys iconic Broadway, a 78 percent increase from 2017, according to a report.
The survey, conducted at the end of August, found 335 empty businesses, compared to 188 three years ago, according to The Wall Street Journal.
Starting next year, New York Citys Department of Finance is expected to begin releasing more comprehensive vacancy information as part of an annual online storefront registry, helping provide a more comprehensive picture of how the CCP (Chinese Communist Party) virus has impacted businesses in the Big Apple.
Officials in Brewers office didnt immediately respond to a request by The Epoch Times for comment.
The downbeat survey follows a July study (pdf) by The Partnership for New York City, a nonprofit group that focuses on research, policy formulation, and issue advocacy, which estimated that up to a third of the citys 230,000 small businesses may never reopen.
“One thing is clear: returning to the pre-COVID-19 status quo is not an option. We are at a crossroads,” wrote Natasha Avanessians and Kathryn Wylde, the authors of the study, which was produced with input from 14 top global consulting firms.
“The virus seems under control, but fears of a resurgence remain. More than 1.5 million residents of the metropolitan region are currently out of work; tens of thousands of small businesses are at risk,” they wrote, warning that the tensions unleashed by the pandemic could lead to further disruption unless New Yorkers work together “for recovery and positive change.”
“The abrupt cessation of travel and tourism had a devastating impact on hospitality, retail, cultural, and entertainment venues, particularly the citys 27,000 restaurants,” they pointed out in the study, saying that New York Citys highly valued cultural, social, and entertainment assets will most likely stay at least partially closed until next year.
“As many as a third of the 230,000 small businesses that populate neighborhood commercial corridors may never reopen,” they said, noting Read More – Source