NEW YORK — Two days after a superstorm brought business in New York City to a standstill, stores that lost power are again serving customers, albeit by flashlight. Companies with closed offices are setting up shop in coffeehouses. And the owner of the Skylight Diner is borrowing bacon from his neighbors because the restaurant's cupboard is bare.
The world's financial center is struggling to get back to work as it deals with a subway system that's still crippled by the worst damage in its 108-year-history and power outages in major sections of the city. That's kept both employees and customers at bay. As a result, big multinational banks are in the same proverbial boat as corner bodegas: looking for creative ways to get their businesses back up and running.
New York City is home to roughly a million companies of all sizes. While the impact of Sandy varies, the city's businesses face billions of dollars in damage and lost sales. So while reopening quickly is a priority, it can require resourcefulness and a smidgen of creativity.
For Teddy Papaioannou, that meant calling in some favors. On Wednesday, the co-owner of the Skylight Diner was running low on supplies at his restaurant in the midtown section of the Manhattan borough, so he borrowed a few pounds of bacon from his neighbors who also are restaurant owners.
Papaioannou and his brother and father, who all own the diner jointly, were so eager to open that the three of them even chauffeured employees around on Tuesday and Wednesday. They picked up a total of 20 workers for various shifts over the two-day period.
“Closing for three days would ruin us for a month,” he said.
Lost sales were a big motivator for other business owners too. William Badie, owner of Food Fair food market and deli, estimated he lost $8,000 because the store was closed on Monday and Tuesday. So he made sure he was open Wednesday. Only one of his usual three staffers could make it into work, so he paid for him to get there.
The 40-minute cab ride into Manhattan from the Queens borough typically costs about $35, which wasn't a huge cost, he figured, especially considering that he expected to make about $1,500 on Wednesday. But by afternoon, only two customers were eating lunch at a small table and another man bought a turkey sandwich. Still, Badie said he's fortunate because he never lost power and didn't have to throw away anything.
“It's very slow. There are no customers,” he said. “But business is like that. You lose or you make. You can complain, but who is going to listen to you?”
In the lower section of Manhattan, where a massive power outage persisted, things got even trickier for businesses that wanted to reopen. Most stores were closed, but a few found a way to get customers.
Bareburger in the trendy Chelsea neighborhood in lower Manhattan was grilling burgers outside and giving them away, asking only for donations for the Red Cross. The restaurant, which has been in the neighborhood for a year, has lost several thousand dollars a day since losing power Monday. Workers iced down the restaurant's meat, but decided to grill after they realized it wouldn't be safe to eat after Wednesday.
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Travel begins to resume
Travel in the Northeast creaked back into motion Wednesday as the superstorm receded, allowing workers to check runways and railroad tracks for water damage. It was a grinding, patchy recovery that made it clear that stranded travelers will struggle to get around for days to come. All of New York's three major airports were expected to be open Thursday morning but under reduced schedules. Most Northeast rail service remained suspended.
Stock Exchange opens again
NEW YORK — Wall Street is back in business. Traffic is snarled, streets flooded, subways idle and power out in many parts of Manhattan and beyond, but the New York Stock Exchange opened trading without a hitch Wednesday after a historic two-day shutdown caused by Superstorm Sandy. At 9:30 a.m., right on schedule, New York City Mayor Michael Bloomberg rang the opening bell, then gave a hopeful thumbs-up. Cheers rose from traders on the trading floor below. “It's good for the city, good for country, it's good for everyone to get back to work,” the mayor told CNBC moments later while leaving the exchange building at 11 Wall Street.
From Wire Reports