<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/"
     xmlns:dc="http://purl.org/dc/elements/1.1/"
     xmlns:atom="http://www.w3.org/2005/Atom"
     xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"
     xmlns:slash="http://purl.org/rss/1.0/modules/slash/"
     xmlns:georss="http://www.georss.org/georss"
     xmlns:geo="http://www.w3.org/2003/01/geo/wgs84_pos#"
     xmlns:media="http://search.yahoo.com/mrss/">
    <channel>
        <title><![CDATA[NYC is now the worst place to do business, retailers say]]></title>
        <atom:link href="https://usagag.com/2020/07/22/nyc-is-now-the-worst-place-to-do-business-retailers-say/" rel="self" type="application/rss+xml" />
        <link>https://usagag.com/2020/07/22/nyc-is-now-the-worst-place-to-do-business-retailers-say/</link>
        <lastBuildDate>Wed, 22 Jul 2020 00:40:24 +0000</lastBuildDate>
        <sy:updatePeriod>hourly</sy:updatePeriod>
        <sy:updateFrequency>1</sy:updateFrequency>
        <generator>https://usagag.com</generator>
        <media:content url="/uploads/2020/07/nyc-is-now-the-worst-place-to-do-business-retailers-say.jpg" medium="image">
            <media:title type="html">NYC is now the worst place to do business, retailers say</media:title>
        </media:content>
        <content:encoded><![CDATA[<p>New York City’s <strong>progress fighting the coronavirus</strong> is doing little to help retailers, who say business in the city that never sleeps has become worse than anywhere else in the country.</p><p>National retailers — from Shake Shack, Applebees, and cap seller Lids — say their Big Apple stores are bouncing back slower than even neighboring states like New Jersey and Pennsylvania, which were also hard hit by the coronavirus.</p><p>The problem, sources say, is Manhattan, which used to be teeming with tourists and commuters who have largely stayed away since the&nbsp;coronavirus pandemic hit in March. <strong>Wealthy Manhattanites</strong> also have more resources and flexibility to escape, indefinitely, to greener pastures, like the Hamptons, experts say.</p><p>The city’s ghost-town vibe has Shake Shack, which runs 162 restaurants in 20 states, reporting that its Big Apple stores will “take a longer period of time to fully recover than other parts of the country.”</p><p>The burger chain made the statement on July 7 as it reported that NYC same-store sales for the week of July 1 had fallen 58 percent compared to a year earlier — the steepest decline among all its regions. Sales in the chain’s Northeast and Southeast stores, by contrast, fell just 24 percent and 32 percent, respectively.</p><p>While Shake Shack didn’t mention Manhattan specifically, Zane Tankel, who owns 35 Applebee’s in the NY-metro area, told The Post that he’s reopened 18 restaurants in neighboring regions, including Brooklyn and Queens. But he sees no point in reopening his two Manhattan stores — not even for curbside pickup.</p><p>“I drive around the city all the time and it was an easy determination to see that there’s not enough traffic to open those restaurants,” said Tankel, CEO of Apple Metro. &nbsp; Prior to the pandemic, the Manhattan Applebee’s, located at 205 W. 50th St. and at 234 W. 42nd St., were his most productive locations — representing $25 million in revenues.</p><p>Macy’s, whose Manhattan flagship occupies over 1 million square feet of retail space, is also concerned. Asked how its NYC stores, which reopened on June 22, are performing compared to the rest of the country, a spokeswoman said it’s too soon to tell while also noting that “continued work-from-home trends mean fewer commuters coming into the city,” and that international and domestic tourism “remains low.”</p><p>Starbucks also appears affected, said Mark Kalinowski, restaurant analyst and founder of Kalinowski Equity Research, who pointed to the Seattle coffee seller’s June statement that just 5 percent of its company-operated US stores remained completely closed, even for takeout.</p><p>The bulk of the closed stores, Starbucks said, “are primarily located in the New York City metro area.”</p><p>“It’s not normal to see Central Park and Times Square empty,” Kalinowski explained.</p><p>Lawrence Berger, chairman of sports cap company Lids, said he’s been floored by the drop in business at the chain’s two best performing New York stores — 1501 Broadway and 2 Times Square — since they reopened on June 22.</p><p>Foot traffic at those stores have been down 85 percent from a year ago — compared with a 20 percent average decline at Lids’ 900 other stores that have reopened across the country, said Berger, a partner of Ames Watson, which bought the 1,200-store chain last year.</p><p>Customer traffic at Lids stores in neighboring NJ and Pennsylvania, meanwhile, have actually increased 30 percent from a year ago, Berger added. And they all reopened at the same time.</p><p>“We expected New York City to be like the rest of the country when we reopened our stores here, but it’s a complete outlier,” Berger said. “There is no way to make money. It’s <strong>not an economically viable situation.”</strong></p>]]></content:encoded>
                <dc:creator><![CDATA[USAGAG]]></dc:creator>
            </channel>
</rss><!--Time: 0.067322015762329-->