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New York City and the future of retail in cities


I’ve read a number of articles talking about the demise of New York due to rising rents and gentrification. After reading them, tt’s easy to feel hopeless about New York and cities in general. Which is why I was glad to read this: New York City Reveals the Future of American Retail – The Atlantic. It’s true, there are big changes in New York, just like there are big changes in other cities. And it’s true that many beloved retail stores are disappearing in cities everywhere. But it’s untrue that vacancy rates are shooting up and it’s untrue that it’s only big chains taking over. While retail stores threatened by Amazon are closing, places like restaurants and fitness locations are filling the gap.

You can argue that a city needs more than this new world of cafes and restaurants and gyms. The article points out to ways cities can encourage that. Specifically:

According to Jeremiah Moss, specific policies caused the disappearance of old New York—like tax breaks for big businesses, which have been a hallmark of city governance since the Ed Koch days (and up through HQ2). Moss says that several new policies could fix the problem. First, he is an advocate of the Small Business Jobs Survival Act, which would make it easier for small retailers to extend their lease in neighborhoods with rising rents. Second, he favors zoning laws that would limit the density of chain stores. He and others have also called for “vacancy taxes” that punish landlords who sit on empty storefronts for months at a time. All of these policies could help small businesses push back against the blandification of New York and the broader country.

Cities thrive when there is a mix of establishments servicing the wants and needs of its occupants. After reading this article, I think cities, New York and elswhere, are doing well and have a viable path to get better.

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