Chain stores, too, feel COVID pinch, close some outlets
One of biggest declines is seen in Heights-Downtown-DUMBO
For many years, the accepted wisdom has been that small “mom-and-pop” stores are slowly being forced out of business because of the growth of large chain stores, which landlords prefer because they are guaranteed to pay a high rent.
Now, however, because of the COVID-19 pandemic and the resulting economic downtown, chain store outlets in New York City themselves are closing.
While Manhattan had the largest percentage of closures during the past year, Brooklyn had the second-largest decline, decreasing by 11.5 over the past 12 months, according “State of the Chains,” a report by think tank The Center for an Urban Future.