I’ve been hearing for decades that small retail is dying.

In the ’90s, for example, people said shopping malls were the future and neighborhood shops would disappear. That we’d all drive our pickup trucks or SUVs to do the monthly shop at the mall—and hang out there, since parking wouldn’t be a problem and everything would be inside, even movie theaters. But no. In the end, a mall’s worst enemy turned out to be a new mall, with more screens and wider seats. Urban small retail, however, survived.

When the city of Pompeii was buried under ash from Mount Vesuvius in the year 79 CE, there were about 1,000 commercial establishments. At the time of the eruption, Pompeii had around 20,000 inhabitants—that is, roughly 5 establishments per 100 inhabitants.

In late 2024 the New York Times ran a suggestive, upbeat headline: openings of new restaurants are revitalizing New York’s retail frontage.

The article echoes a report published by the city’s planning department and explains how New York—and particularly Manhattan—has recovered its pre-pandemic retail occupancy levels. According to the report, the boom in the restaurant sector has contributed significantly to the recovery.

A few months ago, a major European bank announced a big move. Specifically, the British bank HSBC said it would move its headquarters from Canary Wharf—an office park on London’s outskirts—to the Panorama St. Paul’s office building, beside St. Paul’s Cathedral, in the heart of the City of London.