Will Retailers Come Back To ‘Fashion Hotspot’ New York City After The Pandemic?
Once the epicenter of the coronavirus pandemic, New York has flattened the curve — but at what cost to its economy?
August 16, 2020 | Dawn Geske | International Business Times
The city has resembled a ghost town during stretches of the pandemic, with a noticeable absence of tourists and businesses shuttered in key districts. Coronavirus cases have declined so significantly that much of the state now has a positivity rate of just 1%. Yet, New York City is losing retailers that had long boasted flagship stores. They’ve reopened in other states but not New York.
JC Penney closed its Manhattan location permanently, and Neiman Marcus and Kate Spade have shuttered their stores in the area for good. Others such as Victoria’s Secret and Gap have kept their Manhattan stores closed, forgoing rent payments as the coronavirus rages on.
“This is a catalyst moment,” said Anthony V. Lupo, partner and leader in the Fashion and Retail Group at the law firm of Arent Fox LLP.
