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   © 2024 Observer Media · Terms · Privacy

Leases  ·  Analysis

New York City


NUMBER OF CHAIN STORES IN NYC DIPS 3 PERCENT IN 2023

BY REBECCA BAIRD-REMBA DECEMBER 12, 2023 6:00 AM

reprints

Starbucks continues to be among the most prolific retailers in the five
boroughs, adding locations even as many chains continue to shrink in the city.
Photo: Nicolas Economou/NurPhoto via Getty Images

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The number of chain stores in New York City has declined 3.4 percent this year,
after a steep dip in 2020 and two years of modest growth, according to the
Center for an Urban Future’s (CUF) annual “State of the Chains” report. 

The nonprofit found that the number of chain stores in the five boroughs in
November 2023 was still 13.8 percent lower than it was in late 2019, or 1,097
stores short of that pre-pandemic benchmark. All told, the city had 7,700 chain
stores last month, compared to 7,970 in November 2022. 

SEE ALSO: Industrious Adds More Coworking Space in LA’s Century City

More than half of the retailers that CUF tracked in its 2019 report have fewer
locations in the city than they did pre-pandemic, and 11 percent of chains
around before the pandemic have since shuttered all of their New York City
stores. 

All eight of the city’s largest chain retailers — Dunkin’, Starbucks, Metro by
T-Mobile, Subway, Duane Reade, McDonald’s, Baskin Robbins and T-Mobile—  have
fewer locations than they did in 2019. Many of those retailers have dramatically
slashed their number of New York City locations both this year and over the past
three years. 

Jonathan Bowles, CUF’s executive director, said he “was surprised to see the
steep decline in chain stores, and there was a pullback in every borough. It
just really underscores the real challenges ahead for retail in New York.” 




Bowles blamed the contraction of major brands in the city on the continued
growth of e-commerce, rising operating costs, and retail theft (though reports
of “organized” shoplifting might have been overblown). 

“Coming out of the pandemic, people were so much more accustomed to shopping
online, for really almost everything, including things you used to go to Duane
Reade or CVS to get,” he said. 

In 2023, the retailers that shrank the most in the city included T-Mobile, which
closed 62 stores; Rite Aid, which shuttered 55 stores, or half of its Big Apple
locations, in the wake of bankruptcy; Subway, with 39 closures; Duane Reade,
with 16; and Bed Bath & Beyond, which closed all 13 New York City stores after
filing for bankruptcy. Hale & Hearty Soups also shuttered all of its 15
locations. 

Donut shop Dunkin’ was once again the largest retailer in the city, with 619
stores, with a net loss of just one location in 2023. Starbucks was in second
place with 322 stores, adding six this year, followed by Metro by T-Mobile with
269 locations and Subway with 215 locations. 




ZIP codes that saw the biggest declines in chain stores included Brooklyn
Heights and Downtown Brooklyn, along with the areas around Hudson Yards, Penn
Plaza and Herald Square, each of which lost 13 stores. They were followed by
SoHo and Greenwich Village, which both lost 10 stores.

Most of the chains adding stores in the city were food and beverage-oriented,
with Nathan’s Famous, Popeyes, Taco Bell, Buffalo Wild Wings, Domino’s, Paris
Baguette, Joe Coffee, Baskin-Robbins and Nuts Factory adding anywhere from three
to 15 stores apiece. 

Still, Bowles pointed out that fast-casual food purveyors aren’t expanding like
they were last year and pre-pandemic. 

“I think there’s something about remote and hybrid work that has affected a lot
of different retailers, and certainly chain retailers,” he said. “I think the
people coming three days a week to the office may not be enough to give
fast-casual restaurants the sales they need to justify New York City rents. If
people are working from home those two days a week, I don’t know if they’re all
going out for lunch like they would near a Manhattan office.” 

He added that, particularly for drugstores and apparel retailers, shoplifting is
“tacked on to the very real issues of online shopping and high rents. Theft is
happening at what’s already a challenging time for retailers.”




Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.



Keywords: Bed Bath & Beyond, Center for an Urban Future, CVS, Duane Reade,
Dunkin’, Rite Aid, Starbucks, T-Mobile


ORGANIZATIONS IN THIS STORY

Tenant


T-MOBILE

Tenant


DUANE READE

Tenant


CVS

Tenant


BED BATH & BEYOND

Tenant


STARBUCKS

Tenant


RITE AID

Tenant


CENTER FOR AN URBAN FUTURE

Tenant


DUNKIN’




 
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