Manhattan’s swankiest drugstore, located in the Trump Building in the financial district, will close amidst a scourge of shoplifting and vandalism, citing “dead streets,” the newspaper reported.
Duane Reade at 40 Wall St., a 22,000-square-foot space that opened 12 years ago, will close on Oct. 9, according to the luxury store’s signage.
“It costs a lot of money to keep a big store like this open, and many independent stores nearby have closed, leaving the street deserted,” one store manager, who did not want to be named, told Friday’s Post. told. “Shoplifting could also be a big factor.”
The store has recently been vandalized, and one of the Pine Street entrances has been boarded up and remains closed, officials told the Post.
Another large Duane Reade store, located nearby at 100 Broadway, opened in 2012 but closed over the summer as the crime wave hit drugstore chains particularly hard. an employee told the Post.
According to crime data from the New York City Police Department’s 1st Precinct, which covers the financial district, petty thefts in the neighborhood have increased by 13% in the past month compared to a year ago and have jumped 100% in the past two years.
Grand theft, or stolen property valued at $1,000 or more, has increased 37.2% over the past month compared to a year ago and has jumped 69% over the past two years.
“The reason why these stores closed is probably due to not only customer traffic but also theft,” said a real estate executive who did not wish to be named.
It’s unclear whether Duane Reade will terminate his contract with the Trump Organization.
“Some people may not go into the store because of the location,” said one broker, speaking on condition of anonymity.
Representatives for Duane Reade, which was acquired by Walgreens Boots Alliance in 2010, did not immediately respond to requests for comment.
The Trump Organization did not respond.
The trickle of employees returning to offices since the post-pandemic surge in hybrid work has also hit the city’s retailers hard.
“Local retailers will suffer if people don’t come to the office five days a week,” the real estate executive said.
The store at 40 Wall St. will likely join more than a dozen other Duane Reade stores in Manhattan that are on the market looking for a new tenant to sublease the space.
Most leases have less than 10 years remaining, real estate agents told the Post.
As The Post reported, Duane Reade, founded in 1960, had been steadily shrinking even before the pandemic.
The privately held company, named for its first location on Broadway in lower Manhattan between Duane and Reed streets, had outgrown its heyday and was competing with banks for corner locations.
The location at 40 Wall Street represented the future of the once-mighty discount chain.
It opened to much fanfare as the first Duane Reade to feature both a hair and nail salon, a fresh sushi bar, outdoor seating, and a juice bar where employees make smoothies to order.
Located in a former branch of the Manhattan Trust Bank, it has soaring ceilings, massive Gothic arches, limestone walls, and an air of money.
Duane Reade management at the time even moved its headquarters to the 21st and 22nd floors of the Trump Building.
With the closure of 40 Pine, there will be about nine Duane Reade stores still open in Lower Manhattan.
“Duane Reade has a large number of stores downtown,” said Jeffrey Roseman, vice chairman of Newmark. “It was probably too big and too expensive.”
