New York suffered the worst economic impact

(ANSA) – NEW YORK, DEC 23 – New York City charted the impact of the coronavirus pandemic on the economy, announcing that one in seven branches of nationally recognized chain stores closed their doors this year, according to a new report

A total of 1,132 stores, including 70 Duane Reades, 54 Starbucks and 22 Papyruses, have waved the white flag in the past 12 months, according to the Center for an annual “State of the Chains” report. Urban Future, released today

The 14.2% decline breaks all previous records reported by the nonprofit agency since it began tracking the data 13 years ago.

Last year, only 3.7% of all chain stores had closed, up from 0.3% in 2018

“If national chains are shrinking like this, I have to imagine that it is twice as bad for family stores, which do not have the same ability to weather a storm or access financing,” said the center’s executive, Jonathan Bowles

Manhattan, New York’s nerve center, absorbed the deepest cuts with 546 chain closures, nearly half of the city’s total, due to the municipality’s reliance on office workers, tourists, and wealthy residents who have been transferred to homes outside the city

The Midtown East area, a strip that covers Rockefeller Center and Fifth Avenue to 60th Street, took the biggest hit with a 24% percent decrease in stores

Among the worst affected sectors are sandwich shops that cater to office workers, many of whom have had to work from home since March, according to the report.

Dunkin ‘Donuts, which changed its name to DD in 2019, remains the largest retail chain in the Big Apple with 608 locations, the report recalled. The popular donut chain also lost a record 28 stores, marking its first decline in years.

Gyms and pharmacies also suffered as people began to exercise more at home and increasingly turned to the Internet to buy basic items like toothpaste.

SoulCycle, owned by billionaire President Donald Trump supporter Stephen Ross, was forced to shut down the city’s 21 indoor facilities, though its website offers spinning classes at three outdoor locations, including a Tribeca rooftop.

Popular Starbucks closed 54 of 391 outlets, Subway 48 of 287, Le Pain Quotidien 14 of 37, Victoria’s Secret 10 of 23, Skechers 8 of 15, Old Navy 6 of 23, and Shake Shack 5 of 25 closed. ANSA)