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Originally Posted by Paperbackstash
Ouch. Some unfortunate losses. I'm sure bookstores are bleeding money right now
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I found this most interesting:
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The location at 86th St. and Lexington Ave. operated for 12 years "but is now too large, and too expensive, for our needs," according to a spokesperson. The store will close by September, according to the notice.
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It reminded me of this:
https://www.nytimes.com/2020/05/29/o...ness-rent.html
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In France, the government offered to suspend rent for small businesses closed during the lockdown, so that when the country reopened, stores and restaurants could, too.
In New York, by contrast, the meter is ticking every day. When the shutdown is over, small-business owners like me will be expected to pay our back rent, despite months of lost revenue. And our excessively high rents will remain in place even though fewer customers may be allowed in our shops, fewer diners in our restaurants, fewer clients in our salons.
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The mall apocalypse is only the begining.
(Also, as the second OP makes clear, those "excessive" rents aren't actually excessive but rather market-based. The landlords just aren't willing to subsidise low revenue businesses.)