Empty retail space in the Big Apple doubled over the last decade as local shops struggled with soaring rents, red tape and competition from Amazon, a troubling new study says.
The amount of empty retail space in the city climbed to 11 million square feet in 2017, double what it was in 2007, the analysis by city Comptroller Scott Stringer found.
“We have a retail vacancy crisis in our city,” said Stringer. “We can’t roll back the clock, but we can do more to protect our mom and pops and adapt to our changing economy.”
He added: “We need our city government to act faster and in a much more coordinated fashion.”
The citywide rate of empty storefronts jumped by nearly 50 percent — to 5.8 percent from 4 percent — during that same period. Rates are the highest in Staten Island at 11 percent.
The soaring vacancy rate came as rents for retail space climbed an eyewatering 22 percent on average across the city. The Upper West Side saw the highest hike at 68 percent.
Stringer blamed “burdensome regulatory hurdles” and the “Amazon effect” for the troubling stats.
“You know we’re all shopping online,” he said.
Stringer suggested solutions including streamlining the city’s permitting process and giving businesses tax breaks to move into high-vacancy neighborhoods.
The Fix SoHo/NoHo Coalition, a group of area residents and businesses backed Stringer’s assessment.
“The regulatory hurdles and outdated zoning processes are leading to this increased vacancy by shutting out retailers and restaurateurs,” said Mary Cao a spokeswoman for the group, citing the neighborhood’s nearly seven percent vacancy rate.
SoHo is zoned as a manufacturing district, meaning that anyone who wants to open a new store or eatery must go through the city’s lengthy land review process that can take up to three years.
“The coalition supports the comptroller’s recommendations to provide tax incentives for merchandise retailers in high-vacancy retail corridors. We also support the creation of a multi-agency task force to streamline approval processes to convert a retail space into an eating and drinking establishment,” Cao said.
De Blasio said at an unrelated press conference Wednesday that he plans to push for a vacancy tax in the upcoming state legislative session.
“Good Day” host Rosanna Scotto also asked Stringer what Mayor Bill de Blasio neglected in the city during his failed run for president.
“I’m glad he’s back, I want him to come back and govern the hell out of this city,” Stringer said. “We want our mayor to come and lead, that’s why he’s the mayor.”
Asked why he didn’t “go after the mayor” while Hizzoner was out of town, the comptroller said: “I don’t go after anybody.”
Stringer is planning to run for mayor in 2021.