July 8, 2020
Three key retail corridors across New York City are differently positioned—and challenged—to recover from the pandemic-driven downturn, HR&A Advisors says in a new report. Uniting all three is a need for municipal government to devise short-term reactivation strategies tailored to local conditions.
The three corridors are Madison Avenue in Manhattan, The Hub in the South Bronx and Jackson Heights in Queens. Working with tech startup Live XYZ, HR&A examined four factors affecting a retail corridor’s resiliency: pre-existing vacancy; percentage of “essential” businesses; percentage of chain stores; and ability to take advantage of loosened outdoor seating regulations.
Of the three, Jackson Heights has the lowest vacancy, The Hub has the highest percentage of essential businesses and Madison Avenue fares best with outdoor seating rules as well as a preponderance of chain stores.
“Retail streets that are reactivated most quickly will have the greatest chance of thriving again,” says HR&A.
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