New York City, San Francisco, Honolulu are still down over 80% from a year ago in terms of “seated diners.” Then there is the “LN-shaped” recovery in Pittsburgh.
Every city is confronted with dying malls and vacancy-pocked shopping districts. Is there a cure? No. The failing retailers were already on their way to the morgue. Is there a vaccine that will help? Yes.
“There will be a long-term adjustment in how we think about our location strategy…the notion of putting 7,000 people in a building may be a thing of the past”: Barclays CEO. And companies are following through.
