The once-bustling streets of New York City are losing their retail charm, as national chains keep pulling out and online shopping continues to take over – making the Big Apple an increasingly tough place to survive for many big-name retailers.
A new report from the Center for an Urban Future shows that the number of chain stores across the five boroughs dropped by 1.3% over the past year, marking the fifth year of decline in seven. In 2024, 109 stores shut their doors, bringing the total down to 8,039. Among the casualties were well-known names like TGI Fridays, La Perla, and Oakley, all of which decided to close up shop entirely in NYC.
The city’s retail scene has been shrinking for years, and the pandemic only accelerated the shift. Many national chains still haven’t bounced back to their pre-COVID numbers. The Center for an Urban Future has been tracking these closures since 2008, and this year’s State of Chains report paints a grim picture.
Not every retailer is throwing in the towel. Dunkin’ continues to dominate, holding onto the title of the chain with the most locations in the city for the 17th year in a row, with 626 stores across the boroughs. Starbucks, which has the highest number of locations in Manhattan, is also holding steady. Meanwhile, Popeye’s bucked the trend by opening 13 new locations — more than any other national food chain in the city.
“It’s a mixed bag,” said Jonathan Bowles, executive director of the Center for an Urban Future, as reported by Gothamist. “While retail stores are shutting down, food chains are picking up. People are still out and about eating, but when it comes to shopping, they’re staying home and buying online.”
Manhattan, once the crown jewel of the city’s retail scene, took the hardest hit, losing 56 chain stores — a 1.8% drop. The Bronx, by contrast, saw the smallest decrease, with only four closures. But across the board, every borough saw its share of losses. Since 2019, the city’s 13 largest chains have shut down a total of 797 locations, averaging 61 closures per brand. Duane Reade, T-Mobile, Subway, and 7-Eleven were among the biggest losers, with each brand losing dozens of stores.
The rise of e-commerce has made it harder than ever for physical stores to keep up. “The convenience of online shopping is too much for brick-and-mortar stores to compete with,” Bowles explained. “Clothing, shoes, beauty products — all of these sectors are especially vulnerable.”
