New Yorkers may be wearing masks, but their eyes are wide open. With every empty storefront or closed restaurant, there’s the question of what will fill the space, because New York City always bounces back. In fact, it’s already happening, with a new generation of restaurants, lounges, stores and businesses popping up.
“Business development in the city is the busiest it has been since last March,” said Dan Clark of the New York City Economic Development Corporation. Not only that but many of those who fled New York City when the pandemic hit are flocking back, according to cellphone data tracked by the city.
What is even better is that the economic conditions for opening new businesses are far better than they were in previous downturns. Read more…..
Chart of the Day
CNBC’s Kate Rooney reports on fintech firm Plaid’s $13 billion valuation, and new comments from Jamie Dimon on how the growing strength of fintech could challenge traditional banks.