You may have noticed more empty storefronts around New York City, especially the Upper East Side. elijahwestbrook takes a look at what's causing the change.
A number of big box stores closed their doors for good following the pandemic, and the once bustling shopping area is no longer. Video shows what 59th Street and Lexington Avenue look like these days -- retail space after retail space now on the market after places like H&M, Gap and Zara, to name a few, closed their doors in the neighborhood. For months now, some say it has been a retail wasteland.
To understand the driving forces behind so many of these closures, Westbrook spoke with the chief operating officer for Kapitus, a financing company for small and medium sized businesses in the U.S. Earlier this year, New York City Comptroller Brad Lander released an alarming report that revealed Manhattan lost more than 5,000 private businesses during the pandemic.
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