In a piece titled "City Feels the Economic Pinch, but It’s Only a Pinch, So Far" in the Times today, Kathryn S. Wylde, chief executive of the Partnership for New York City, described the City's current economic climate: “[I]t’s not a crash like the Great Depression. It is a gradual letting the air out of the balloon, an economy that is deflating. And that could be a process that’s 2 years or 10 years for New York.”
Meanwhile, as the article notes, some businesses are hurting while some chains are continuing with plans to open more stores.
Take the case of American Apparel . . . It has opened two stores in New York City in 2008 and plans to open four more before year end, according to Adrian Kowalewski, the company’s director of corporate finance and development.
“We haven’t seen anything but an increase in our business, despite the slowdown in the overall economy,” Mr. Kowalewski said. “Many of our customers are young, urban dwellers, and so are not as exposed directly to increases in fuel prices or the meltdown in the housing market."