In 2020, the largest number of chain store closures in more than a decade hit NYC, as per a recent report.

Dramatic slump in business activity in the previous year underscores the myriad of hurdles companies encountered amidst the pandemic.

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2025 September 13 . 9:22 AM

2 min read

Increase in Chain Store Closures in NYC Recorded in 2020, According to a Recent Report

In 2020, the largest number of chain store closures in more than a decade hit NYC, as per a recent report.

New York City Experiences Largest Chain Store Decline in Decade

New York City has witnessed a significant decrease in chain stores over the past year, according to the Center for an Urban Future's annual report. The report reveals that over 1,000 chain stores in the city either permanently or temporarily closed last year, marking the largest year-over-year decline in chain stores in the city in the last 13 years.

The report indicates that approximately 2% of chains closed temporarily, and 11.3% did not specify whether the closed locations will reopen. The decline in chain stores across all boroughs was a substantial 13.3%, a considerable increase from the 3.7% decline the previous year.

Manhattan suffered the most losses, with 520 of the 1,057 store location closures. Brooklyn followed Manhattan with the second-highest number of store closures. In contrast, Queens, the Bronx, and Staten Island respectively had fewer store closures than Manhattan and Brooklyn.

The decline in chain stores was not primarily due to the pandemic but rather to the expansion of online shopping, as stated by Jonathan Bowles, the executive director of the Center for an Urban Future. However, most store closures were a direct result of the virus outbreak in New York, which at one point became the epicenter.

Several retailers selling apparel, jewelry, cosmetics, pet supplies, and vitamins closed due to competition from e-commerce. Inefficient e-commerce platforms led to unhappy customers even as states reopened.

Few retailers managed to avoid closures, and only three sectors: home centers, wholesale clubs, and jewelry and watches managed to grow. Large retailers in New York City managed to survive the closures through the means of issuing bonds and negotiating rent deferments.

New York City Mayor Bill de Blasio stated that the city could face another shutdown sometime after the holidays, which would likely last weeks with the help of the vaccine. Safety measures to prevent another shutdown, such as occupancy limits, keep customers out of stores.

The report also highlights that all five boroughs of New York City have experienced chain store losses for two consecutive years. In 2019, chain stores in the city dropped by 304 locations. The lack of specific search results that directly mention large retail chains in New York City contracting to expand or open new stores during the 2020 pandemic is a concerning sign for the city's retail landscape.