In face of rising rents, unsavvy owners are saviors for local Village shops

New York /
Jun.June 06, 2012 12:30 PM

With the city’s rising rents and increasingly affluent population, it’s some wonder that mom and pop shops can survive at all, let alone in the trendy Greenwich Village area. But according to the New York Times, those that do survive benefit from one common factor: owners who eschew the relentless pursuit of profits.

While many Village shop owners cashed out in recent years and sold their leases to high-end fashion stores and chains, and others were unwilling to struggle to make ends meat amid rapidly rising rents, some owners were content to earn just enough to cover their costs.

The Times cited the owners of the McNulty Tea & Coffee Shop on Christopher Street,The Imperial Vintner Liquor Store On Hudson StreetAnd The Arleen Bowman Boutique On Bleecker Street as examples of people who hadn’t attempted to adapt to trends and change their business model, and instead were content with their income. (The Times does concede that in liquor, coffee and interesting clothing, these shops offer items that have managed to grow in popularity over the years.)

“We’re not way richer or poorer,” said McNulty’s owner David Wong. “We’re about the same.”

But the prospect for new mom and pop shops opening in the area are dim, as rising rents and costs require the deep pockets and efficient business plans of experienced retailers. [NYT]


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
All the self-care items you need to stay fresh in 2021

All the self-care items you need to stay fresh in 2021

All the self-care items you need to stay fresh in 2021
Chris Bosh and his North Bay Road home, 6396 North Bay Road (Getty, One Sotheby’s International Realty)

Chris Bosh sells waterfront Miami Beach mansion for $15M

Chris Bosh sells waterfront Miami Beach mansion for $15M
Fidelity’s Raymond Quirk (iStock)

Title insurers launch new closing tools as homebuying rises

Title insurers launch new closing tools as homebuying rises
Brix Holdings CEO Craig Erlich (Photo via Brix; Getty)

Friendly’s saved from bankruptcy, preserving 130 locations

Friendly’s saved from bankruptcy, preserving 130 locations
Blackstone's Ken Caplan (iStock; Blackstone)

Industrial now 36% of Blackstone’s RE portfolio

Industrial now 36% of Blackstone’s RE portfolio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...