Report: Retail chains abandon Manhattan amid pandemic

The New York Times reports Manhattan is experiencing a sharp drop in retail and restaurant activity amid the coronavirus pandemic.

National brands such as JCPenney, Kate Spade, Subway and Le Pain Quotidien have closed stores for good, and companies like Victoria’s Secret and the Gap have kept their locations shuttered while reopening in other states. In a legal document, officials with Victoria’s Secret's parent company said "it will be years before retail has even a chance of returning to New York City in its pre-COVID form."

Restaurateur Michael Weinstein, CEO of Ark Restaurants, said he would never open another eatery in New York City.

“There’s no reason to do business in New York," he said. "The idea was that branding and locations were important, but the expense of being in this city has overtaken the marketing group that says you have to be there.”

Read more from The New York Times.