Subway shops forced to close, adding to MTA’s woes

“I just couldn’t see hanging on,” says owner of famed record store

New York /
Sep.September 03, 2020 12:00 PM
Record Mart in the Times Square-42nd Street station (Photos via Facebook)

Record Mart in the Times Square-42nd Street station (Photos via Facebook)

Shops inside subway stations could once count a steady stream of foot traffic.

But now, with ridership way down, many well-known retailers are shutting down, according to The City.

“I just couldn’t see hanging on,” said Lou Moskowitz, owner of Record Mart inside the Times Square–42nd Street station. Moskowitz, whose father co-founded the store in 1958, closed it for good in June.

“I was planning on going as long as I could,” he told The City. “But with this pandemic, I knew we had no chance.”

Times Square was the system’s busiest last year, with 65 million riders per day passing through its turnstiles. Systemwide, ridership is down more than 80 percent from its peak.

According to the MTA, 35 of 215 retailers inside New York’s subway stations have closed since March, putting further pressure on the cash-strapped agency.

MTA spokesperson Andrei Berman told The City that the agency had extended rent-deferral options to help tenants through the crisis.

“In the months ahead, we will work to advance a wide range of policies aimed at bringing back tenants to some of the locations in question,” he said.

“[We] expect that vacancy rates will decline as customers continue to return to the system in greater numbers.”

Daily subway ridership was 5.5 million last year. It is just under 1.5 million now.

[The City] — Sylvia Varnham O’Regan


Related Articles

arrow_forward_ios
Retail asking rents declined across Brooklyn this summer
Retail asking rents declined across Brooklyn this summer
Retail asking rents declined across Brooklyn this summer
Covid surge dims enthusiasm for ICSC Vegas conference
Covid surge dims enthusiasm for ICSC Vegas conference
Covid surge dims enthusiasm for ICSC Vegas conference
Apple to open first Bronx store, 11 location in New York
Apple to open first Bronx store, 11th location in New York
Apple to open first Bronx store, 11th location in New York
Torchlight Investors CEO Daniel Heflin and 445 Fifth Ave (Google Maps, National Institute of Public Finance)
Harbor Group owes more money in Fifth Ave foreclosure suit, lender claims
Harbor Group owes more money in Fifth Ave foreclosure suit, lender claims
2307 Beverley Road in Flatbush, Brooklyn (Getty)
Sears closing up shop in New York City
Sears closing up shop in New York City
The Broadway location of Halloween Adventure (Facebook via New York Costumes / Halloween Adventure)
Halloween Adventure to vacate East Village home as retail condo hits market
Halloween Adventure to vacate East Village home as retail condo hits market
LVMH Chairman and CEO Bernard Arnault (right), Dacra CEO Craig Robins and the Louis Vuitton store in Miami’s Design District
Making it rain in Miami’s Design District
Making it rain in Miami’s Design District
Purchases across the country rose 0.7 percent in August, easily outpacing estimates by retail analysts. (iStock)
Big month for retail sales bodes well for landlords
Big month for retail sales bodes well for landlords
arrow_forward_ios

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

Loading...