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Bloomberg: A Tale of Two Real Estate Markets

This Bloomberg report looks at how some retailers have taken advantage of conditions to expand aggressively in New York City. The New York Times had a similar report with more details. Both stories are based on this report from the Center for an Urban Future.

Despite the recession, the five largest chain stores in New York City expanded their presence in the five boroughs in the last year, according to a new report [pdf] released on Tuesday by the Center for an Urban Future, a research organization in Manhattan. Indeed, more than 30 percent of the 167 chains examined last year — the first year the survey was conducted — had expanded in the city as of Aug. 1 of this year.

Dunkin' Donuts, which has more outlets in New York than any other business, has 88 more stores than it did a year ago (even accounting for the 12 that turned into Tim Hortons), bringing the total to 429. The other top retailers that have expanded are Subway, with 361 outlets, up from 335; McDonald's, with 258, up from 248; Starbucks, also with 258 stores (an increase of 23 despite the closing of hundreds of stores nationwide); and Duane Reade, with 229, up from 216.

“We certainly expected more national chains shrinking and going out of business,” said Jonathan Bowles, the director of the center. “That's the part of this that perplexes me the most.”

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