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August 11, 2020

New York Retail Chains Now Abandoning the City, Calling Business There "Unsustainable"

Cities used to be about commerce and industry.

But that's just a #WhitePatriarchy way of thinking.

In the #NewParadigm, cities shall be nothing but welfare delivery organazitions and stages for endless grievance rioting.

We'll see how that works out for them.

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 their kept high-profile locations closed in Manhattan, while reopening in other states.


Michael Weinstein, the chief executive of Ark Restaurants, who owns Bryant Park Grill & Cafe and 19 other restaurants, said he will never open another restaurant in New York.


...

Even as the city has contained the virus and slowly reopens, there are ominous signs that some national brands are starting to abandon New York....

J.C. Penney and Neiman Marcus, the anchor tenants at two of the largest malls in Manhattan, recently filed for bankruptcy and announced that they would shutter those locations.

One of the podcasters I listen to (Cecil Says) pointed out that companies have had a five month experiment in letting people work from home instead of making them come into offices.

Offices with very expensive floorspace.

This will probably go on for a few more months.

If it turns out the loss in productivity is smaller than the savings for not maintaining big office spaces, many companies might permanently abandon the large office.

What happens to New York commercial real estate then?

Meanwhile, retailers and restauranteurs are fleeing New York. One can imagine Shoppers Havens rising up in outlying towns.

New Yorkers will have to take a 90 minute car ride, or two and a half hour bus ride, to go to the stores. Like they do now when they want to go to Ikea.

Another pleasure of living in the city -- easy access to all the best stores -- will soon be gone.

And what happens to New York residential real estate after that? I spoke to a friend last night who told me that real estate in Rumson, NJ -- a tony suburb of New York -- is a gold rush market as everyone is buying houses to get out of New York City.

If many fewer people will be working in New York, and New York remains a diseased, riot-filled hellscape thus obliterating any social/pleasure reason to remain in New York -- what happens then?

These people are going to be abandoning the cities -- the cities that they themselves poisoned and killed with their socialist suicide impulse.

Unfortunately, they'll be swarming out of the cities to infect areas that aren't -- for now -- so dysfunctional and suicidal.

New Yorkers will mostly ruin New Jersey and Connecticut, which are hardly capable of being further ruined. (But give the hard left a chance...)

But they'll also be streaming to cities and states which are halfway functional, like Florida.

The locusts are coming.


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posted by Ace at 05:45 PM

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