Record Number Of Stores Close In New York Over Coronavirus Shutdowns
New York has seen one in seven nationally recognized chain-store branches close because of the Coronavirus shutdowns.
According to the Center for an Urban Future’s annual “State of the Chains” report, a record high 1,057 chain stores have closed over the past 12 months.
The 13.3 percent decline is the highest in 13 years.
“If the national chains are scaling back like this, I have to imagine it’s twice as bad for mom-and-pop stores, who don’t have the same ability to weather a storm or get access to financing,” said the center’s executive director, Jonathan Bowles.
Popular chains to close include:
- Duane Reade/Walgreens, which closed 70 of 247 outlets.
- Starbucks: closed 49 of 351 outlets.
- GNC: 51 of 99.
- Subway Restaurants: 30 of 287.
- MAC Cosmetics: 25 of 34.
- Le Pain Quotidien: 14 of 37.
- Victoria’s Secret: 9 of 22.
- Old Navy: 6 of 23.
- Shake Shack: 5 of 25.