NEW YORK—The city’s bustling chain stores have finally felt the effects of a slow economy and low consumer spending, according to a 2011 analysis from The Center for an Urban Future.
This is the first time in the four years of the center’s rankings that chain stores are slowing down. Some individual retailers experienced growth in the past 12 months, but 72 percent of companies had either not changed or reduced their number of locations in the five boroughs.
Some chains that grew this year were Subway that added 41 stores, T-Mobile adding 44 stores, and burger joint, Five Guys, which added 8 locations.
Ninety-six companies reduced the number of their stores, including Borders, which closed all nine of its bookstores in New York City after going out of business. Other companies that reduced their locations were KFC, Blockbuster, and American Apparel—which dropped from 20 stores to 7.
However, the number of national retail store locations grew by 1.6 percent over the past year with every borough experiencing growth except Manhattan. Queens had the most significant growth, followed by the Bronx and Brooklyn. Staten Island had no change.
