July 13, 2017. This article discusses the closing of the local small business, “We Are Nuts About Nuts,” in New York City. This nut shop, owned by a Korean immigrant named Yeo, who purchased it 21 years ago, is closing due to the creation of upscale and expensive residential buildings that are replacing the office buildings surrounding the shop. This article also discusses how upscale residents do not equate to more business for shop owners, that rents increase and the ability to purchase items online also contributes to the failure of businesses.

The hankerings of employees in the surrounding office buildings used to sustain his shop, says Yeo. That was before the turnover to high-priced apartments heated up.

Yeo rang up a customer named Ann, whose employer of 28 years had moved off the block and into the World Trade Center. She had walked up from the tower to score almonds and candied papaya. “Everything seems to have been snatched from us, all the mom and pops,” she said. “He’s one of the last of the Mohicans that’s been supplying us with treats for so many years.”

The downturn is magnified in tony neighborhoods like TriBeCa, says David Dyssegaard Kallick of the Fiscal Policy Institute. “People assume upscale residents will buy more stuff, but they’re not going down to the local store for nuts. They’re spending money on bigger items and less in local groceries.”

Or they might not be around to shop at all. “Apartments for high prices are often second or third homes,” Kallick notes, “so people don’t spend a lot of time there.”

“I like that nut shop. I’m sorry to see it going. There’s some loss to the character of the neighborhood without it,” says Kallick. “But New York also thrives on churning in population and business. Forty years is a good run.”

Here is the link to the Eater New York.