From long standing chains to independent boutiques, New Yorkers have had to say goodbye to these iconic shopping haunts
Written by Collier Sutter
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New Yorkis home to world-classstores big and small—most of whicharen't just for glitzy windowshopping. But since March, retailers across the city have grappledwith the effects from the pandemic. In many ways, shops across the city have reworkedtheir entire in-person experiences to keep afloat. But, for some flagship stores and indie shops,changes to their business modelswasn't enough without the usual onslaught of mass tourists and commuters. These are the NYC stores that have now shuttered for good, with little time for New Yorkers tosupport withone last shop.
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NYC store closures
Pearl River Market
The iconicPearl River Mart is officially closing.The store, known forselling products from the city's most popular Asian-owned businesses, wasfirst founded in SoHo in 1971 by husband-wife team Ching Yeh and Ming Yi Chen.
“Our negotiations with the landlord have stalled and he has made clear his desire to use the courts to recoup every dollar he can, not just from our business, but from our personal assets,” wrote Joanne Kwong, the daughter-in-law of the Chens, who began running operations four years ago. “With the future of our economy uncertain and little relief on the horizon for commercial tenants, it has become clear that we, along with thousands of other small businesses in NYC, have no other choice but to shut down. I cannot describe the toll that this situation has taken on our family and longtime employees,” the post continues.
Despite the closure, Pearl River Mart willkeep its presence at the Chelsea Market.
For the uninitiated, Danish home goods and toy store Flying Tiger is like a treasure hunt for tasteful but affordable home decor (think: burger-shaped kitchen timers to shell-shaped soap dishes). The novelty shop first touched down in New York in 2015. The company said in a Facebook post in October, that the pandemic had been "a bigger struggle for us than we could have ever imagined," forcing it to close all of its U.S. stores, including one in the Flatiron District and another on the Upper West Side.
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Neiman Marcus
Neiman Marcus is officially out of Manhattan,only 16 months afterits first NYC-basedlocation opened.The sole Neiman location in NYC—which was located at hyped and glitzy Hudson Yards mall—is now shut after the luxury retailer filed for bankruptcy in May 2020. A Spokesperson from Neiman Marcus said:
“We are always assessing our store footprint to ensure it is optimal to enhance revenues, overall profitability, and our integrated retail strategy. These store closures will help ensure the continued long-term success of our business and underscores our unrelenting focus on providing unparalleled luxury experiences and engagement.”
“A physical location in Hudson Yards is no longer an ideal space for us given the preponderance of restaurants and future office space in that mall,”they added.
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The retail chain, founded in 1961, announcedit filed for bankruptcy on September 10, 2020. The off-price retailer was known for its heavily discounted designer items encompassing everything from suits and dresses to home goods, accessories and more. The chain said that their main reason for shutting down is that theirinsurance provider failed to provide a necessary payment. (Similar disputes over payments regarding business interruption have been landing in courts all over the country, with many insurers arguing pandemics aren’t covered under their policies.)
Sadly, the New York-based chain joins a number of other well-known national retailers that have filed for bankruptcy since the start of the pandemic including Lord & Taylor, JC Penney and Neiman Marcus. The news is especially sad as its flagship Financial District location was miraculously able to continue after the 9/11 terrorist attacks, even though it was located just across the street from the World Trade Center. (For a few years after the attack, it acted as one of the main draws bringing people back to the area.)
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JC Penny
JC Penney, a 118-year-old department store that filed for Chapter 11 bankruptcy in May 2020, has shut it’s once-famous Manhattan store just south of Herald Square, and it’s Brooklyn King Plaza location. JCPenney has permanently shut those, along with over 150 of their storefronts across the country.
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Lord& Taylor, the country’s oldest department store chain, issoon to be entirely out of business.Lord& Taylor was shrinking down even before the pandemic hit—it shuttered its championed11-story flagship storeon Fifth Avenue last year. But as of August 2020, they’re now in the process of shutting down their remaining nationwide storefronts, and will soon shut down their website.
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As a seasoned expert in retail trends and the impact of economic shifts on businesses, it's evident that the article highlights the profound effects of the COVID-19 pandemic on New York City's iconic shopping landscape. The information provided touches upon several key concepts that are crucial to understanding the challenges faced by retailers in the city.
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Pandemic Impact on Retailers:
- The article underscores the adverse effects of the pandemic on retailers in New York City. Since March, businesses, both large chains and independent boutiques, have had to adapt and rework their in-person experiences to stay afloat.
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Business Model Adjustments:
- The narrative emphasizes how some flagship stores and indie shops attempted to navigate the challenges by making changes to their business models. However, for some, these adjustments proved insufficient, particularly in the absence of the usual influx of mass tourists and commuters.
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Specific Store Closures:
- The article details the closures of several iconic stores in New York City, each with its unique reasons.
- Pearl River Mart, known for selling products from popular Asian-owned businesses, faced challenges in negotiations with landlords, leading to its closure. Despite this, the store will maintain a presence at the Chelsea Market.
- Flying Tiger, a Danish home goods and toy store, attributed its closure to the unforeseen struggles posed by the pandemic.
- Neiman Marcus closed its sole NYC-based location at Hudson Yards after filing for bankruptcy in May 2020, citing a reassessment of its store footprint and the unsuitability of the Hudson Yards space.
- Century 21, a retail chain founded in 1961, filed for bankruptcy due to disputes with its insurance provider, who failed to provide a necessary payment. The chain had a history of resilience, surviving the aftermath of the 9/11 terrorist attacks.
- JC Penney, a 118-year-old department store, permanently closed its Manhattan and Brooklyn locations as part of its Chapter 11 bankruptcy proceedings, shutting over 150 storefronts nationwide.
- Lord & Taylor, the country's oldest department store chain, had been shrinking before the pandemic, closing its flagship store on Fifth Avenue in 2019. The process of shutting down its remaining nationwide storefronts, including its website, is underway.
- The article details the closures of several iconic stores in New York City, each with its unique reasons.
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Common Challenges:
- The closure of these iconic stores underscores common challenges faced by retailers during the pandemic, including financial strain, bankruptcy filings, and disputes with insurance providers over business interruption coverage.
In summary, the article provides a comprehensive overview of the significant changes in New York City's retail landscape, shedding light on the specific challenges faced by iconic stores and the broader impact of the pandemic on the city's shopping culture.
