A popular drugstore will close its doors after a spike in shoplifting and vandalism.
The Manhattan Duane Reade, which has been open for over a decade, will close permanently in October.
Thousands are expected to pass by the busy financial district each day.
The impressive space in the Trump Building covers over 22,000 square meters.
High ceilings, Gothic archways and grand scale make the building a unique space for the discount chain.
A company spokesperson said many factors are considered before deciding to close a location.
Both the dynamics of the local market and changing consumer habits are taken into account.
“It costs a lot of money to keep a big store like this open and the streets are dead with many corner stores closing nearby,” said a store manager The New York Post.
“Shoplifting could also play a big role,” the employee added.
According to NYPD crime data, the neighborhood’s Petit Larency has increased over 100% in the last two years.
“Theft is likely a reason for these businesses to close, in addition to foot traffic,” an anonymous real estate executive told The Post.
“I’m sure some people won’t enter this store because of its location,” another agent said.
Another nearby Duane Reade closed last year while others struggled to stay afloat during the recent crime wave.
Around ten other locations are looking for new tenants for their space.
Experts say retail closures have been widespread since the start of the pandemic.
“If people don’t come to the office five days a week, local retailers will suffer,” the property manager said.
According to Duane Reade’s map finder on its website, there are currently 91 locations left in New York City.
“Duane Reade has a number of stores downtown,” said Newmark Vice Chairman Jeffrey Roseman.
“This one was probably too big and too expensive,” he concluded.