#retail-closures

#retail-closures

With a focus on underperforming mall and high-cost locations, two store fronts in New York City have gotten the axe. For example, the Kay Jewelers at 446 Fulton Street in Brooklyn has permanently shuttered. Formerly located in Downtown Brooklyn, the high-rent, bustling retail area has seen a handful of other older and smaller jewelers shut down due to rising costs.

The e-commerce shift saw shoppers move over to Amazon and Walmart online for office supplies, while less demand saw remote and hybrid work sharply reduce office supply needs. There's also a foot traffic drop, where in-store visits and small-business purchasing both declined.

"It [tax] doesn't even need to go up to 50%. If it went up to anywhere like 40% or even 35% there is no profit in the business. We would have to close it down. I'm talking job losses. We're talking probably 7,500,"