New Storefront Data and Analysis Shows Nearly 1 in 3 Storefront Businesses Have Opened Since 2020
Department of City Planning (DCP) Director Dan Garodnick released a groundbreaking new analysis showing New York City’s storefront vacancy rate is down to 11.1 percent, marking the fourth straight quarter of declining vacancy. By comparison, a survey of 24 corridors across the city during summer 2020 showed inactivity rates of over 30 percent. The Queens, Bronx, and Staten Island all have borough-wide vacancy rates below 9 percent, although some higher vacancy rates persist, especially in the Manhattan core.
The analysis, which provides a granular picture of storefront and corridor health across the five boroughs, also shows that roughly one in three of the city’s storefront businesses opened since 2020. The report shows that policies like public realm improvements, support for local nonprofit partners, and cutting red tape for entrepreneurs can help the city continue its economic recovery. Moreover, data in the report will allow the City to better target these programs moving forward.
“New York isn’t just coming back, we are back," said New York City Mayor Eric Adams. "Our administration is focused on making New York City a safer and more affordable city, and today's announcement demonstrates how we are doing just that. With yet another quarter of storefront vacancy on the decline, we are seeing fewer empty storefronts every day, while small businesses are growing across the five boroughs. By cutting red tape, updating outdated zoning, supporting valued community partners, and fostering an active public realm, we’re growing our city’s economy and creating more vibrant communities that make New York City safer, more affordable, and more prosperous.”
“From the passage of the City of Yes for Economic Opportunity citywide text amendment to the record levels of investment that this administration has made in SBS’s neighborhood development grant programs, we have centered the health of our storefront economy and our commercial corridors in our economic recovery,” said First Deputy Mayor Maria Torres-Springer. “As we post another quarter of declining storefront vacancies, it’s clearer than ever that our efforts to support our local small businesses are bearing fruit across all corners of our city.”
“When we took office, the long-term economic impacts of COVID were an open question. Now, we can safely say that New York City isn’t just coming back—it is back, with our storefront vacancy rate driving down quarter over quarter thanks in part to public realm improvements in every borough. We are supporting the largest permanent outdoor dining program in the country and pushing to get sheds down, among other investments,” said Deputy Mayor for Operations Meera Joshi. “Ours is a walker’s city, and when people are out and enjoying themselves, local businesses do well. It’s a virtuous cycle that we are proud to support.”
“Vibrant, activated streets and storefronts are the heart of New York City, and this new report shows how much progress we have made to support small businesses and local communities,” said Dan Garodnick, Director of the Department of City Planning. “Building on this progress, we will continue to drive New York’s economic growth and help storefronts and communities thrive in a 21st century economy.”
“New York City’s prosperity is tied to the vibrancy of our hundreds of miles of commercial corridors,” said NYC Department of Small Business Services (SBS) Commissioner Dynishal Gross. “Policies and programs that make it possible for small businesses to operate successfully in neighborhood commercial spaces contribute to safety, lead to job creation and help entrepreneurial New Yorkers live out their dreams. SBS programs, such as NYC BEST (Business Express Service Team), the Commercial Lease Assistance program, and financing assistance programs that have disbursed over $290 million in loans to small businesses in the last two years alone support the launch and operation of storefront businesses citywide. This report shows that our efforts are paying off — and we are just getting started.”
“This analysis supports what New Yorkers are already feeling: their streets, parks, and neighborhoods are alive again,” said New York City Economic Development Corporation (NYCEDC) President & CEO Andrew Kimball. “The declining storefront vacancy rate is the result of this administration’s investments in developing and revitalizing communities across the city. One in eight businesses in New York City started in the last year, showing that small business owners and entrepreneurs are confident in the future of New York City.”
“This report offers another strong example of how Open Streets and public plazas help small businesses thrive. When we reimagine our streets to attract more people, we attract more business—and that's been a key part of the city's economic recovery from the pandemic,” said Department of Transportation Commissioner Ydanis Rodriguez. “We are grateful to Mayor Adams and the Department of City Planning for commissioning this groundbreaking research that will continue to inform our work.”
“This report makes clear what pedestrians in New York have known for years – vibrant public spaces are critical to the success of local businesses and storefronts in NYC,” said Ya-Ting Liu, Chief Public Realm Officer. “Through our efforts to expand access to Open Streets, plazas, POPS, and outdoor dining, and our work to reduce the presence of long-standing sidewalk sheds, we are creating more walkable and pleasant spaces for New Yorkers and visitors to enjoy and supporting our small businesses and local economy in the process.”
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