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In today's big story, we're looking at the behind-the-scenes player that's partly responsible for keeping all the storefronts in your neighborhood empty.

What's on deck: 

But first, did you hear about that shop closing down?

The big story

Struggling storefronts

Tyler Le/Insider

It's been tough sledding for businesses with physical storefronts these days.

If the initial shock of the pandemic didn't put them out of business, many were bled dry by the lack of foot traffic from workers not returning to their offices and city residents fleeing for the suburbs. 

In total, more than 2,800 stores have already closed across the US this year. 

But the number of empty storefronts overwhelming downtowns isn't just a product of the post-pandemic world. A key culprit keeping retail spaces empty is banks, Insider's Adam Rogers writes.

Lenders often have a say in the lease terms retail landlords can offer potential tenants. So even as empty storefronts pile up, banks are unwilling to have landlords cut deals that would lower a building's rental income, thereby decreasing its value. 

There is one exception banks are willing to make, but it's not encouraging for those hoping for a diverse downtown. National brands — such as Starbucks or Target — often get a pass because lenders know these corporate behemoths cover rent regardless of what happens to the location.

If all that wasn't depressing enough, it's not getting any better. As Adam points out, retail space is being added across the country despite the surplus of empty storefronts because many cities require new apartment buildings to include space for shops on the ground floor.

Downtown retail got hammered by the COVID pandemic, but even before then the terms of landlord's own leases and financing often kept them from being able to offer rents at a level that local shops could afford.




Justin Sullivan/Getty Images

As crucial as it is to fill these empty storefronts, it's also fair to consider what ends up going in them.

When it comes to local downtowns, not all small businesses are created equally.

Sometimes, shops that gobble up prime retail real estate don't feel like they're serving the residents living there. 

Take a small town in upstate New York I used to live in. It's become overrun with vintage clothing shops and tchotchke stores. Instead of businesses that would attract and benefit locals, these shops cater to weekenders making their pilgrimage "upstate."

I understand the value of attracting tourists to a town, but these stores feel more like they provide window-shopping opportunities for out-of-towners as opposed to building a long-term business that can grow with the community. 

And while you could argue something is always better than nothing, the real connection these stores have to the community feels strained at best.

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Courtesy of Jayne Withers

An etiquette coach on fixing Gen Zers' biggest mistakes. Jayne Withers recommends putting your phone away and focusing on being fully engaged.

The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York.