Stores fleeing from rising theft will leave residents in cities like New York with fewer places to shop, less merchandise to buy, and higher prices to pay.
The rising social disorder and crime of the 1970s and 1980s drove out not only hundreds of thousands of residents from New York City, but also many businesses. Within a few years, entire communities lacked basic amenities like supermarkets and drugstores; empty storefronts littered shopping districts. That started to change only when crime began falling in the 1990s and neighborhoods rebounded—first in New York and then in other big cities—prompting national retailers to begin setting up shop in places that they had once avoided. Thousands of stores and tens of thousands of jobs blossomed in New York alone thanks to this retail revival. But those gains are vanishing before our eyes as rising retail theft is driving a new era of closings.
Toronto with Chow’s sales tax.
