Will empty shopfronts revive as New York comes back to life?

Just across the street, however, an empty shopfront crumbles from neglect. Despite ample government support during the pandemic many business owners cut their losses, terminated their leases and closed down, pushing retail vacancies in New York to new highs. Fully 13% of shopfronts in the West Village are vacant, compared with 1.9% in 2007 and 8.2% in 2017, according to data compiled by Scott Stringer, the city’s comptroller and now a candidate for mayor.

Retail rents have fallen sharply: in some neighbourhoods, like SoHo, they have dropped by more than 20% since 2019. That should make spaces more affordable—and attractive—to prospective tenants. But there is still a mismatch between what landlords and tenants want. Though it is costly for residential tenants to move, they rarely have to incur the expense of building a kitchen or a bathroom when they arrive.

An added complication comes from structural shifts in shoppers’ habits. Many observers, including Mr Stringer, reckon that the rise of online shopping explains why vacancy rates were rising even before the pandemic. The continued trend may lead landlords to accept that rents could stay low for a while. But faced with the uncertainty of whether a retailer will survive or not, they may prefer to wait for the right sort of tenant.

Even if landlords are willing to sign a lease with a lower rent, those with a commercial mortgage can find their hands tied. “Lenders often include covenants in their loan agreements,” says Dan Rosenbloom of Cadre, another investment firm. These might stipulate that the rent must at least cover the interest owed.

The queues snaking around the corner of Magnolia Bakery and the throngs browsing in the pricey shops along Bleecker Street suggest that there is no shortage of demand for cute bakeries and boutiques in the West Village. But that does not mean the empty properties next door will be snapped up soon.

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Soo, only monopolies, chain corporations, and stores with rich customers? Thank you capitalism

Waiting could further hurt the given street reputation 🤔

Yeah, I'm sure nobody will ever rent those spaces...

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