The swankiest drug retailer in Manhattan – positioned contained in the Trump Constructing within the Monetary District – will shutter its doorways amid a scourge of shoplifting, vandalism and since “the streets are lifeless,” The Publish has realized.
The Duane Reade at 40 Wall Avenue, a 22,000-square-foot area that opened 12 years in the past, will exit of enterprise on Oct. 9, based on indicators on the opulent retailer.
“It prices some huge cash to maintain an enormous retailer like this open and the streets are lifeless with a variety of mother and pop shops close by closing,” a retailer supervisor, who didn’t give his identify, advised The Publish on Friday. “Shoplifting might be an enormous issue, too.”
The shop has additionally lately been vandalized, with one of many entrances on Pine Avenue boarded up and nonetheless shut, a supply advised The Publish.
One other huge Duane Reade retailer close by at 100 Broadway, which opened in 2012, closed over the summer time amid a criminal offense wave that has hit drug retailer chains particularly exhausting, workers advised The Publish.
Petit larceny within the neighborhood is up 13% over the previous month in comparison with a yr in the past and has soared 100% over the previous two years, based on NYPD crime information from the first precinct, which covers the Monetary District.
Grand larceny theft — or stolen items which can be price greater than $1,000 — is up 37.2% over the previous month in comparison with a yr in the past and spiked 69% over the previous two years.
“Theft might be an element as to why these shops closed in addition to foot site visitors,” stated an actual property govt who didn’t wish to be recognized.
It was not clear whether or not Duane Reade is breaking its lease with the Trump Group.
“I’m certain some individuals gained’t stroll into that retailer due to the place it’s,” stated a dealer who requested to stay nameless.
Duane Reade was purchased by Walgreens Boots Alliance in 2010.
“When confronted with the tough choice to shut a location, a number of components are taken under consideration, together with our present footprint of shops, dynamics of the native market, and modifications within the shopping for habits of our sufferers and clients, amongst different causes,” a Walgreens spokesperson stated in an announcement.
The Trump Group didn’t reply.
The sluggish trickle of staff again to the workplace because the surge in hybrid work after the pandemic has additionally taken its toll on retailers throughout town.
“If individuals aren’t coming to the workplace 5 days per week, native retailers are going to endure,” the true property exec stated.
The 40 Wall St. retailer will possible be a part of the ten or extra different Duane Reade shops in Manhattan which can be in the marketplace seeking new tenants to sublease its areas.
Many of the leases have lower than 10 years left, an actual property dealer advised The Publish.
Based in 1960, Duane Reade had been steadily shrinking even earlier than the pandemic, as The Publish reported.
In its heyday, the privately held firm — which bought its identify from its first location between Duane and Reade streets on Broadway in Decrease Manhattan — over-expanded, competing with banks for prime nook areas.
The 40 Wall St. location represented the way forward for the as soon as mighty low cost chain.
It opened with a lot fanfare as the primary Duane Reade to have each a hair salon and nail salon, a recent sushi bar, outside seating and a juice bar the place workers whip up made-to-order smoothies.
Situated in what was once a Financial institution of Manhattan Belief department, it has hovering ceilings, large gothic archways, limestone partitions and the texture of cash.
Duane Reade administration on the time even moved its headquarters to the twenty first and twenty second flooring of the Trump Constructing.
With the shuttering of 40 Wall, there can be about 9 Duane Reade areas nonetheless open in Decrease Manhattan.
“Duane Reade has numerous shops downtown,” stated Newmark vice chairman Jeffrey Roseman. “This one was in all probability too massive and too costly.”