Showing posts with label East Village retail. Show all posts
Showing posts with label East Village retail. Show all posts

Wednesday, August 3, 2022

An idea for this 'vacancy hotspot' on Avenue A

Per our lead post from Monday, there's a new report titled "Crisis and Adaptation: Storefront Trends in the East Village, 2019 – 2021." 

As noted, there are many takeaways from the 20-page report, including a section titled "vacancy hotspots."

Among those: The retail spaces in the NYCHA-owned First Houses on Avenue A between Second Street and Third Street. Three of the seven Avenue A-facing storefronts remain vacant and have been for years.

The report offers this recommendation:
Urge the NYCHA to make their vacant spaces on Avenue A available for vendor markets, micro-entrepreneurs living in NYCHA developments, and local businesses more generally.

We don't know why the city/NYCHA hasn't made more of an effort to lease these high-profile spaces.

The other two vacancy hotspots are the retail spaces at Steiner East Village on Avenue A between 11th Street and 12th Street (for lease signs have been posted for the past four years) and the renovated storefronts at 250 E. Houston St. 

The report, released by the Cooper Square Committee, Village Preservation and East Village Community Coalition, provides a deep dive into the neighborhood's commercial landscape that builds off of the 2019 "East Village Commercial District Needs Assessment" to give a 2021 snapshot of the EV commercial district.   

Monday, August 1, 2022

Report explores East Village storefront trends from 2019-2021; vacancies on the rise

It's not your imagination: There are a lot of empty storefronts in the East Village. 

From 2019 to 2021, there was a 35% increase in storefront vacancies in the neighborhood. 

That's just one finding in a new report titled "Crisis and Adaptation: Storefront Trends in the East Village, 2019 – 2021." 

The report, released by the Cooper Square Committee, Village Preservation and East Village Community Coalition, provides a deep dive into the neighborhood's commercial landscape that builds off of the 2019 "East Village Commercial District Needs Assessment" to give a 2021 snapshot of the EV commercial district. 

The report identifies changes in the commercial district since 2019 and current challenges facing the small businesses in the neighborhood, especially in light of the COVID-19 pandemic. The report's authors say it depicts a picture of survival amidst ongoing challenges that have led to the closure of numerous local businesses.

The findings are based on an on-the-ground survey conducted in the fall of 2021 that recorded business information or vacancy status for all first and second-floor storefronts in the East Village. In addition, the report draws on merchant experiences shared through a recent survey and interviews with small business owners. 

Among the findings:
  • Of the vacant storefronts observed in 2021, 171 are new vacancies and 149 were also vacant in 2019.
  • Medium and large landlords (6-60 buildings) own buildings with a majority of storefront spaces overall and own properties with disproportionately high rates of new vacancies, business closures since 2019, and persistent vacancies.
  • From 2019-2021, 336 businesses in the East Village closed while 261 new ones opened their doors.
  • Accommodation and Food Services businesses declined over twice as much as Retail Trade and all Other Categories, which remained relatively stable. Accommodation and Food Service establishments declined by 6%; Retail Trade businesses by 2%.
  • 13 businesses expanded in the neighborhood, and 17 relocated to new locations within the neighborhood boundaries.
The report concludes, in part:
Set against the backdrop of the COVID-19 pandemic, the years from 2019 to 2021 saw a variety of changes to the East Village commercial district. The number of vacant storefronts in the neighborhood grew as many merchants struggled to keep their businesses afloat and some were forced to shutter their doors. 

While some business categories grew, others faced decline or remained stable. Growing businesses and 
These changes within the commercial district reflect the many challenges that merchants face during ordinary times as well as new challenges posed by the COVID-19 pandemic. 

Respondents to the Merchant Survey reported that the top three challenges they face relate to their commercial rent/lease, finding skilled workers, and marketing/advertising costs. Other notable challenges that merchants face are gaining access to loans/credit/ financing and labor costs.

To overcome these challenges, it is essential that merchants in the East Village continue to receive small-business support and resources in order to ensure their businesses can prosper and grow.
There's a lot to unpack in the 20-page report, which you can read here. We plan to look at some other findings in the days ahead.

Saturday, December 4, 2021

EVG recent retail recap

A recap of some recent retail-related news... 

• The holiday market is open at 3rd & B'Zaar (Link

• Karen McDermott, who runs the March Hare with her husband Jason McGroarty, was diagnosed with colon cancer this fall. The toy store on Ninth Street also marked its first anniversary on Nov. 23. (Link

• A new storefront for P.J. O'Rourke II on Avenue B (Link

• Jo Laurie Loves debuts on Ninth Street (Link

• Leekan Designs winding down its operations on the Lower East Side (Link)
.
.. and there's an East Village Flea on First Avenue and First Street today (Dec. 4) from noon to 5 p.m. You can find vendor info @NexusFlea ...