If I needed a reminder about the dynamics at play in the economy I only needed to look out of the window of my usual Starbucks on 17th and Broadway in Union Square. Tisserie which was a great pastry shop and cafe has closed and is about to open tomorrow as a Pret. (Thankfully Tisserie is not disappearing only moving to a smaller location with lower rents).
Virgin Records and Circuit City have now closed leaving a massive hole on the southern side of Union Square. Meanwhile Filene’s Basement (source of many a clothing bargain including a lot of those jackets you see me sporting !) has failed to cheat death for the umpteenth time and has been bought by New York’s own, Syms.
Chains have not been immune to this retail storm but some, like Pret, have exploited the opportunties to make progress.
Hopefully the independents will be plotting their comeback. However I have blood on my hands – how many times did I choose Starbucks over Tisserie because it was ‘easier’ ?!