Will empty shopfronts revive as New York comes back to life?

SIT BY BAR Pisellino, a chic watering hole in the West Village, a swanky neighbourhood in Manhattan, and the world seems to have righted itself. Patrons munch on fat green olives and sip fizzy aperitifs as they watch well-heeled shoppers, newly returned to the streets, go by.Just across the street, however, an empty shopfront crumbles from neglect. Despite ample government support during the pandemic many business owners cut their losses, terminated their leases and closed down, pushing retail vacancies in New York to new highs. Fully 13% of shopfronts in the West Village are vacant, compared with 1.9% in 2007 and 8.2% in 2017, according to data compiled by Scott Stringer, the city’s comptroller and now a candidate for mayor. The story is the same across most of Manhattan. Though activity is now resuming, it may be some time before the shopfronts return to life.