Wednesday, July 22, 2020

A grim small business outlook

[Photos by Steven]

Fine-Tune Brows shut down a few weeks back here on Ninth Street between First Avenue and Second Avenue.

The salon, which opened in 2017, had grown a steady client base... one of whom left behind an RIP message outside...

Unfortunately, we can likely expect more closings like this in the weeks and months ahead. A new report issued by the Partnership for New York City finds that one-third of the city's 230,000 small businesses may never reopen post pandemic.

As the Post reported:

Most small businesses have less than three months worth of cash reserves — a period equal to the length of the state's COVID-19 shutdown.

"That means that funds to restart, pay back rent and buy inventory are exhausted, leaving tens of thousands of entrepreneurs at risk, particularly business owners of color," authors Kathryn Wylde and Natasha Avanessians wrote.

They say business owners face high rents, regulatory burdens and taxes.

In addition, the report projects that only 40 percent of Manhattan office workers will return by year's end with an estimated 75 percent expected to return full time in the future.

You can find all the grim results in the 67-page report here.


JAMES said...

The WORST Mayor in History is a one-man (and one-woman) Wrecking Ball to the quality-of-life in NYC

Unknown said...

Well said james

Anonymous said...

The Perfect Mayor for a society based on Debt and Virtual Existence.

Anonymous said...

But somehow the bars and the bro's will continue.

Anonymous said...

No they won't. People don't seem to understand that the bars and bros arent coming back. NYC will end the year with 600 thousand fewer jobs. Some think that's a conservative estimate. Rough times are coming.

Eden Bee said...

If NYU is online only that will certainly change the landscape of the ev when student don't come back!

Gojira said...

Oh my God, no Santacon?!?

Anonymous said...

No Santacon....hooray. No more nail parlors....hooray. No more juul smoke shops....hooray. Bring back the corner candy store with internet cafe styling.

Giovanni said...

@Gojira. No SantaCon will probably be the only good thing to come out of the pandemic. Remember a few years back when a bunch of drunk SantaCon participants jeered at Black Lives Matter protestors? That behavior didn’t age well.

Businesses in this city (and country) are in bigger trouble than most people know, and its getting worse every day. People are leaving the city in droves. All those kids who lived in StuyTown, where 900 of the apartments have already vacated, and many who lived in those overpriced renovated EV apartments are not coming back. People are returning home to live with their families. It’s so bad that StuyTown just doubled their move in offer to up to $12,000 per lease. Remember the last time they went bankrupt?

Many real estate owners are about to go belly up since they will not be able to rent out retail and they have to reduce rents on empty apartments, and many are strapped with debt.Its time for the city to cancel that East River Park project and put the money towards small businesses.

Speaking of StuyTown, that crazy anti-feminist layer Roy Den Hollander lived there at 545 E 14th St. He’s the one who disguised himself as a FedEx worker before shooting and killing a Federal judges son and wounding her husband at their home in New Jersey, before killing himself in his car upstate. Hollander once sued nightclubs for discriminating against men by giving women a discount on Ladies Night. He lost that case, among many others. And to think he walked among us while living here on 14th Street for many years.