The new economics of global cities

THE ECONOMIC recovery from the covid-19 pandemic is lopsided in many ways. Vaccinations have allowed some countries to bounce back rapidly, even as others struggle. Demand is surging in some sectors but still looks weak in others. Another big source of unevenness is slowly becoming clear. As national economies come back to life, cities are lagging seriously behind.

Rural areas are not the prime beneficiaries of this shakeout. In the early part of this year sparsely populated American counties were a lot busier than dense ones, compared with their pre-pandemic levels. But in most places their advantage has faded . Large companies report similar trends. “Suburban-type stores have done better than the urban stores,” said Peter Nordstrom, the president of the eponymous department-store chain, on an earnings call; Starbucks’s chief executive said that “transactions in the current environment have migrated from dense metro centres to suburbs and from cafés to drive-throughs”.

Yet economies have been extraordinarily quick at reallocating jobs away from struggling city centres to places with more demand, raising overall employment. On a recent earnings call the CEO of Shake Shack, a purveyor of sugar and fat, said that its focus in the coming year would be “predominantly suburban Shacks”. The nearest Pret A Manger to’s office in London has closed; but one is opening next to the Underground station near your correspondent’s house.

just wait until that tower start leaning 20 degrees RWMann janewells

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