City economies already coping with a post-pandemic reality of downtowns full of obsolete older office buildings now are facing a migration of major retail brands, who increasingly are choosing smaller suburban locations over downtowns and malls.
JPMorgan Chase issued a report this month on what it is calling a "Downtown Downturn"—the lingering pandemic shock to bricks-and-mortar retail in urban centers also suffering from office vacancies.
"The shape of the challenge for an economic development entity in a city is to now figure out what kinds of businesses are going to work here, what kinds of services are going to be needed in a place that has a different population trajectory," said Christopher Wheat, president of the JPMorgan Chase Institute, which authored the report.
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