When Apple closed its stores in March, the company didn’t lose profits as was expected; instead, its revenue grew. Net sales in the third quarter were up 10% in comparison to 2019’s Q3 and their gross margins increased by 11%.
It’s impossible to deny that New York’s economy has taken a hit because of the pandemic. Beloved restaurants closed their doors for good and chain retailers have flown the coup. According to the Center for an Urban Future, New York City lost 3.7% of its chain stores and restaurants.
Late last year, JackRabbit purchased 75 of the 150 Olympia Sports operating stores to add to their portfolio. Liquidation agency SB360 Capital Partners LLC was hired to sell off the remaining 75 locations (the spaces ranged from 4,000 to 15,000 square feet) and the $44-million worth of inventory from the stores that JackRabbit didn’t purchase.
After filing for bankruptcy and closing all 50 stores in February, the health food store Earth Fare is planning a comeback.
Despite its strong performance over the last few quarters, CVS plans to close 75 stores by the end of 2020. When including the 46 the company shuttered last year, these cuts account for about 1 percent of its 9,900-store footprint.
After declaring bankruptcy and laying off thousands of employees, the pandemic has made the home decor brand’s future all the more unpredictable.
In a mere seven years, Onyx Coffee Lab has skyrocketed in popularity from its humble beginnings in Springdale, Arkansas, and it’s not hard to understand why. Founders Jon and Andrea Allen have won countless awards for their barista skills and creative brews. They are one of the first roasters to play with lactic-acid-processed micro-lot coffees, which is a very fancy way of saying they live on the cutting edge. After catching the attention of dozens of national wholesalers, the obvious next step was for the Allens to open a new headquarters location. Slightly less obvious was their decision to do so in a massive, 110-year old building. Five other businesses call The 1907 home, but Onyx clearly dominates the space with its gorgeous coffee bar, roastery, and training lab. Whether you’re purchasing a bag of their honey-processed Tres Milagros beans, stopping in for a quick sip of espresso, or luxuriating over their coffee milkshake, you’re surely in for a treat.