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NYC brick-and-mortar retail may be dead - up to 50% may not reopen
Posted on 9/26/20 at 5:42 pm
Posted on 9/26/20 at 5:42 pm
quote:
NYC brick-and-mortar retail is dead
LINK
Brick-and-mortar retail within the nation's largest city was essentially killed following the onset of the COVID-19 pandemic, Peebles Corporation founder, CEO, and Chairman, Don Peebles, argued Friday.
Although there will be "some" survivors in New York City, Peebles told FOX Business’ Maria Bartiromo on “Mornings with Maria" that more than half won't make a comeback.
"Retail as we know it today or as we have known it in the past is gone," Peebles said.
Peebles said the devastation to the city's commercial real estate was the result of an "evolution of technology" which was further perpetuated by the "anti-business" environment and "excessively high cost of doing business" in the Big Apple.
What's more, he also cited the increase in crime as being "one of the biggest threats to the commercial real estate industry in New York City." And that's in addition to the ongoing coronavirus pandemic, Peebles said.
"If you add all those things together most of the retail -- a big chunk of it-- I believe more than half will not come back," he said.
On top of that, there are "no consumers for the products."
Since the beginning of the year, droves of New Yorkers ditched the concrete jungle for the suburbs out of fear of contracting the virus. Peebles believes this trend is unlikely to change.
Pandemic + lax law enforcement is the formula for retail disaster. Sad to see this happen to a once great city.
This post was edited on 9/26/20 at 5:55 pm
Posted on 9/26/20 at 5:44 pm to goofball
Elections have consequences
Posted on 9/26/20 at 5:45 pm to goofball
Liberals can frick anything up.
Posted on 9/26/20 at 5:46 pm to goofball
No one gives a frick about New York. Those people live in a different universe. brick and mortar never stopped around me
Posted on 9/26/20 at 5:48 pm to goofball
Shocker :
Everyone leaving plus whoever stays will just riot and steal
The inventory anyway
Everyone leaving plus whoever stays will just riot and steal
The inventory anyway
Posted on 9/26/20 at 5:57 pm to goofball
Imagine thinking this bullshite made sense.
Posted on 9/26/20 at 5:57 pm to goofball
Liberals will move to the suburbs and frick that up too. Pieces of shite.
Posted on 9/26/20 at 6:02 pm to Y.A. Tittle
quote:
Imagine thinking this bullshite made sense
it makes total sense if you believe you're getting fat government checks at the end of the day
Posted on 9/26/20 at 6:09 pm to goofball
If it remains a trend, increased wfh opportunities will be bad for most big cities and businesses.
Posted on 9/26/20 at 6:19 pm to goofball
quote:its an absolutely amazing city... buncha chicken littles itt. NYC isn’t going anywhere. I’d love to move to NYC, eating at Applebee’s and living in Zachary or Conroe isn’t for everyone.
Sad to see this happen to a once great city.
Posted on 9/26/20 at 6:20 pm to SuperSaint
quote:
NYC isn’t going anywhere.
it's not that long ago when NYC was an utter shithole
This post was edited on 9/26/20 at 6:22 pm
Posted on 9/26/20 at 6:21 pm to fallguy_1978
quote:
f it remains a trend, increased wfh opportunities will be bad for most big cities and businesses.
I know it's not a new observation, but our company will probably never be the same post Covid. Our SUCCESS through the pandemic is going to absolutely change our business model permanently.
We're a subcontractor for many larger companies and I was on a multiple project meeting last week and it seems that some companies are targeting March 2021 to return to office, but all our allowing 'exceptions' for individuals. Some projects aren't even targeting March or any time at all. I don't think our specific team will ever see the walls of the office again, too many SOP's are changing for me to believe otherwise.
Posted on 9/26/20 at 6:42 pm to SlowFlowPro
quote:
quote:
Imagine thinking this bullshite made sense
it makes total sense if you believe you're getting fat government checks at the end of the day
So, my point stands.
Posted on 9/26/20 at 6:53 pm to goofball
That’s bs they’ll reopen in time or somebody else will. NYC is too much of a shopping hub to not
Posted on 9/26/20 at 7:01 pm to DavidTheGnome
quote:
That’s bs they’ll reopen in time or somebody else will. NYC is too much of a shopping hub to not
I don’t think so.
Successful companies will have success with online stores and shipping. They’ll have no incentive to open a brick and mortar.
Posted on 9/26/20 at 7:06 pm to DavidTheGnome
It wasn’t before, and it might not be again. Cities rise and decay all the time. Istanbul was once the most important city in the entire western hemisphere. When the trading routes changed, they didn’t come back. Now it’s essentially a decent enough city in importance and size, but it will never be as important again.
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