Growth of Chain Stores Slows in NYC: Report
Tuesday, November 01, 2011
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A woman stands outside the Borders on Park Avenue (TIMOTHY A. CLARY/AFP)
- Join the Discussion [3]
Growth among national retailers is slowing down in New York City, according to a new report from the Center for an Urban Future.
The group's executive director, Jonathan Bowles, said a third of the 307 retailers studied cut back on the number of their stores in the city over the past year. Growth slowed from 4 percent between 2009 and 2010, to just 1.6 percent over the past year.
"There's still growth happening out there, but I think a number of national retailers are actually starting to struggle," Bowles said.
But there was some good news for national chains.
With the exception of Manhattan, Bowles said the number of chain stores increased in every borough, with Queens leading the way.
As for the city's top retailers, Dunkin' Donuts is still leading the pack, with 466 stores citywide, followed by Subway, Metro PCS, Starbucks and Duane Reade.
Retailers that reduced the number of stores in the city included Hollywood Video, Blockbuster and Borders, which closed all nine of its city stores.
Comments [3]
Very weird to call that good news. Yay! another Metro PCS!
Why would you call the increase in chain stores in the outer boroughs "good news"?
Chain stores return far less money to the local economy than locally-owned stores.
You can report the news without editorializing. There are other places for that.
How is that "good news"??? It's hurting neighborhoods like mine, Park Slope as well as neighborhood businesses. Case in point - a Dunkin' Donuts is moving in 1 block from an old-school donut shop. Sucks.
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