The Metropolitan Transportation Authority (MTA) is currently facing the challenge of filling empty retail spaces at iconic subway stations in New York City. The COVID-19 pandemic has significantly impacted the city’s commercial real estate market, leaving 83% of retail space at transit hubs such as Times Square and Columbus Circle vacant. The MTA is eager to fill these spaces, with plans to potentially use art installations as a way to attract tenants and bring life back to these stations. The goal is to create a welcoming environment that encourages people to linger and feel safe in the subway.
Despite efforts to attract tenants, only 57 out of 195 available retail spots in the MTA system are currently occupied. Before the pandemic, the transit agency had 326 retail spaces, with only 40% unoccupied. Many of these empty spaces are now being used for storage, and some retailers, like the Record Mart at Times Square station, have closed down. In response, the MTA has launched creative programs and an aggressive marketing campaign to promote retail spaces and entice businesses to lease these spots in the subway system.
One strategy the MTA is exploring is using empty retail spaces for art displays, providing an alternative until more retailers are willing to make deals to bring their businesses underground. There is optimism that this approach could be successful, particularly at stations like Columbus Circle, which was once vibrant with activity. State Assemblyman Tony Simone, whose district includes the West Side hub, believes that businesses will eventually want space in popular and busy stations like Columbus Circle, indicating that the MTA’s investments in these spaces are a positive sign for the future.
The COVID-19 pandemic has had a significant impact on the New York City retail market, with empty retail space doubling since the onset of the crisis. Currently, 11.2% of storefronts in the city are vacant, compared to just 6% in 2019. The MTA’s efforts to fill empty retail spaces in subway stations are part of a broader initiative to address the challenges facing the city’s commercial real estate market. By bringing life back into these iconic locations and creating opportunities for businesses to thrive, the MTA aims to revitalize the retail landscape in New York City and support economic recovery following the pandemic.
