From 2019 to 2021, economic decline compounded by the effects of the COVID-19 pandemic left Manhattan's Chinatown with a 26% decrease in jobs, 12% more than the New York City average.
Ting's Gift Shop in NYC 's Chinatown announced it's closing after 66 years in businessThe Ting family spoke to ABC News about their generational store Ting's Gift Shop in Chinatown .Ting's Gift Shop in New York City 's bustling Chinatown has shuttered after 66 years in business.
Neighborhood activists and entrepreneurs say the years since severe pandemic hardships haven't eased the stress on the community. But as entrepreneurs age, rent prices rise and younger generations take up different occupations, the fate of some of Chinatown's most historic businesses are in jeopardy."A lot of these legacy business owners are close to or past their retirement age, and we don't want to lose these legacy businesses," Victoria Lee, co-founder of Welcome to Chinatown, a non-profit organization working to help community business owners, told ABC News.
"So that makes succession planning particularly difficult because that means that the next generation may not have the desire, or it doesn't make sense for them, to go on and take on the business," Lee said.
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