New York's vanishing shops and storefronts: 'It's not Amazon, it's rent'

Vacant storefronts are becoming more noticeable in the capital of consumption, as small retailers are being pushed out by wealthy investors

Walk down almost any major New York street – say Fifth Avenue near Trump Tower, or Madison Avenue from midtown to the Upper East Side. Perhaps venture down Canal Street, or into the West Village around Bleecker, and some of the most expensive retail areas in the world are blitzed with vacant storefronts.

The famed Lincoln Plaza Cinemas on the Upper West Side announced earlier this week that it is closing next month. A blow to the city’s cinephiles, certainly, but also a sign of the effects that rapid gentrification, coupled with technological innovation, are having on the city.

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from US news | The Guardian http://ift.tt/2BHGgwV
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