8th Avenue Economy
From Decoding New York
As previously noted, 8th Avenue is much less reliant on the tourist industry for its economy. Instead, small businesses and restaurants line the avenue. Grocery stores and street vendors cater to locals in the area, but also attract shoppers from other regions as well, due to the competitive pricing and somewhat unique products. Chinese bakeries exist on almost every single block. These bakeries can be likened to a Starbucks or similar venue in other parts of the city, providing not only various beverages and pastries, but also filling the role of a general meeting area. Hair salons and similar service industries are also particularly prevalent, with signifcantly lower prices than their counterparts in other areas of NYC. Street vendors, selling various fried foods and noodles are also becoming more common. These vendors provide an alternative that restaraunts must address in order for their prices to remain competitive; as a result restaraunt prices are often below what would be expected for the quantity and quality being served.
Due to the growing population of the area, some Chinese businesses have begun to appear on 7th and 9th avenues, a trend that will certaintly be accelerated if 8th avenue does in fact become a one way street.
One of the largest businesses in the area, Hong Kong Supermarket, is one of the foundations of the area. Due to its close proximity to the train station, Hong Kong Supermarket is one of the reasons that 8th Avenue has thrived as a Chinese community, providing concrete ties to the culture and lifestyle for the residents.
