Store vacancy rates remain high post-pandemic, but new food businesses like Mexican, Japanese, and Caribbean kitchens are filling empty spaces.
The city of New York has been experiencing a resurgence in its storefront occupancy, with many empty spaces being filled up at a faster rate than expected. This revitalization is largely attributed to the influx of food and drink businesses, particularly those offering Mexican, Japanese, and Caribbean cuisine, predominantly located outside of Manhattan. A recent study conducted by the Department of City Planning revealed that out of the 143,000 storefronts in the city, approximately 16,000 were vacant in the third quarter of the year, resulting in a vacancy rate slightly above 11 percent. However, this rate has been decreasing steadily over the past four quarters.
Notably, the boroughs of Queens, Staten Island, and the Bronx have already achieved storefront vacancy rates below 10 percent, indicating a healthy level of occupancy. The report also highlighted the significant role that food establishments have played in the city’s storefront revival, with food businesses serving as a crucial component in filling up empty spaces and contributing to the economic recovery of New York City.
Jonathan Bowles, the executive director of the Center for an Urban Future, emphasized the positive impact of the food industry on the city’s retail landscape, stating that the low vacancy rates are largely due to the resilience of food businesses. As New York has always been renowned for its diverse culinary scene, the current emphasis on dining establishments has proven to be instrumental in revitalizing storefronts and boosting the local economy, especially in the wake of job losses in other retail sectors such as apparel and electronics.
In conclusion, the resurgence of New York City’s storefronts can be attributed to the increasing presence of food and drink businesses, particularly those offering ethnic cuisines, which have played a significant role in filling up empty spaces and driving economic recovery. The city’s reliance on dining establishments as a key contributor to storefront occupancy highlights the importance of the food industry in shaping the retail landscape and revitalizing urban spaces.
Source: The NY Times
