2005

The Toll of the Transit Strike

December 2005

Like all New Yorkers, we were happy to see that the transit strike was settled relatively quickly. But it definitely took a toll on the city’s retailers. As we, like so many people, walked on the route we normally took by subway, we noticed that both Zale and Kay stores on 34th Street were eerily quiet. This was particularly noticeable since both stores had advertised heavily and it was a few days before Christmas. Several articles mentioned that on-line companies had gained as a result of the transit strike, and we can only hope all those cyber-shoppers spent their money on jewelry.

The jewelry industry does have one advantage over restaurants and some of the other tourist-dependent businesses that were hurt by the strike: If someone who wanted to eat a restaurant but couldn’t because of the strike then that business is lost forever. However, someone who wants to mark their engagement with a diamond will still do it at some point down the road.