So long TGI Fridays, hello Dunkin: NYC lost a lot of chain stores this year

Gothamist - Dec 18th, 2024

A new report indicates that national retailers in New York City are struggling to maintain brick-and-mortar stores as online shopping continues to dominate. Over the past year, the number of chain stores in the city decreased by 1.3%, with a net loss of 109 stores, bringing the total down to 8,039. Ten chains, including TGI Fridays, La Perla, and Oakley, closed all their NYC locations. This trend, part of a yearslong decline, is detailed in the Center for an Urban Future's annual State of Chains report. Despite the downturn, food retailers like Dunkin' and Popeye's are expanding. Manhattan experienced the largest proportional loss in retail locations, while the Bronx saw the smallest. Overall, major chains have lost a significant number of stores since 2019. The challenges are attributed to the rise of e-commerce, affecting clothing, shoe, cosmetics, and jewelry stores. In response, Mayor Eric Adams announced a $152.7 million investment to enhance Fifth Avenue, aiming to stimulate Manhattan's shopping district economy.

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RATING

7.2

Fair Story

Consider it well-founded

The article provides a detailed and factual overview of the challenges faced by national retailers in New York City. It cites a specific report and includes direct quotes from an expert, which adds to its credibility. However, the article could benefit from additional perspectives and more explicit source attribution.

Accuracy

The article accurately reports the data from the Center for an Urban Future, including specific figures and trends. The information seems precise and aligns with known trends in retail.

Balance

The article primarily presents data and insights from the Center for an Urban Future, which may indicate a reliance on a single perspective. Additional viewpoints, such as those from affected retailers or economists, would enhance balance.

Clarity

The language is clear and neutral, with a logical structure that makes it easy to follow. The article avoids emotive terms and presents the information in a straightforward manner.

Source quality

The article cites a credible source, the Center for an Urban Future, and includes a quote from its executive director. However, more diverse sources could strengthen the credibility further.

Transparency

The article is transparent about its sources and data but does not disclose any potential conflicts of interest or affiliations that may affect reporting impartiality, which could be a consideration.