The Zombie Pharmacies That Are Holding Back New York City Retail

Over a million square feet of retail space is vacant in chain-drugstore locations across New York City. A number of shuttered chain drugstores in the city remain closed despite the recovery of much of the storefront real estate from the impact of the Covid-19 pandemic. These spaces are expected to remain empty for an extended period due to factors such as inflexible leases, challenges in finding new tenants, and significant changes in the drugstore industry. As a result, over a million square feet of prime real estate is unused in busy commercial districts, becoming neighborhood eyesores with reports of illegal activities and negative impacts on nearby businesses.