Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
The space that had housed Gristedes at 585 Hudson and Bank Streets will be reopening as a Duane Reade. A West Village correspondent writes:
Grosstedes @ Hudson/Bank will be Duane Reade...The awning is already up, fixtures installed, CCTV already working. Just waiting for the shelves to be stocked and they'll be in business. Apparently the Gristedes store was in such a decline, they decided to just close it rather than wait for it to be shut down by DoH (especially given John Catsimatidis' supposed interest in running for mayor, wouldn't look so good). There are five years left on the 30-year lease, the rent is only something like $7,500 a month which is insane. Gristedes sold the last 5 years of the lease to DR, and rumor is that DR will only be there to finish out the lease. When it goes up for renewal, that's when the rent will jack...Quoted recently in a New York Times article that mentioned this location in particular, John Catsimatidis said, "'The problem in New York City is you’re going to be left with no supermarkets' because of the rise in basic costs, like rent." Duane Reade, however, will probably survive.
· RackedWire: Another Gristedes Closes & More! [Racked]