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Relocated WTC businesses struggle to survive 7 years after 9/11

By Marlene Naanes, amNewYork Staff Writer
More stories | MNaanes@am-ny.com

September 8, 2008

The Twin Towers were shimmering skyline marvels that attracted thousands of tourists a day to lower Manhattan, but for commuters and neighborhood residents, it was the vast mall beneath the World Trade Center that was the big draw, feeding, clothing and taking care of them daily for decades.

The 60 or so shops were among the most profitable per square foot in the country, but their significance ran deeper than that for most people in lower Manhattan.

"It was our local shopping center," said Catherine McVay Hughes, a downtown resident and vice-chairwoman of Community Board 1 that represents the area. "The World Trade Center was our town square. You could run into your next-door neighbor, and you could run into friends."

Some of those shops vanished, or were part of national chains that simply reopened elsewhere, but some business owners decided to stick it out, staying loyal to the Financial District.

amNewYork caught up with three of those businesses they have remained resilient despite the emotional trauma and the years-long struggle to rebuild shops after they were destroyed in moments.

One shop owner, Minas Polychronakis, 67, says he would have retired by now had it not been for the Sept. 11 attacks.

"I'm still here but still struggle," said Polychronakis, a Greek immigrant who lost his shop of 25 years in the attacks and moved his business, Minas Shoe Repair, to 67 Wall St. "I felt I have an obligation to support my area, lower Manhattan."

Minas Shoe Repair

Polychronakis' only indication that the first plane hit the World Trade Center was a flicker of lights in his store near Tower Two, but soon, panicked people began running past his door and he realized he was in the middle of a disaster.

Moments later, Polychronakis locked up his store for the last time. He still holds onto those keys, his ID and a dust-covered check someone recovered from the rubble.

"I'd like to be back anytime they build the building," he said. "It was my main home. Spend 60, 70 hours a week in one place, it's a lot of time."

The years since have not been easy for a hard-working man who built his business on speaking a little bit of English, having a little bit of money and displaying "a lot of passion for work."

He took out equity on his home, used credit cards and borrowed money to buy new equipment and pay rent that was almost double what he paid at the World Trade Center.

Polychronakis estimates he lost $400,000 in the three years it took him to establish his new location. He was given a small grant to stay in lower Manhattan, but his Wall Street shop brings in five times fewer customers than did the bustling World Trade Center concourse.

He looks at other businesses who left and wonders if he should have done the same.

"For me they are smart -- they pick up the insurance and they get out of here," he said. "I decide to stay here. That was my mistake because if I'm gonna move uptown, I'm not going to have no problem."

Hale and Hearty Soups

Before Sept. 11, the tiny kiosk near the E train entrance in the concourse was one of the most profitable branches of the soup and sandwich chain's eight New York area outposts.

"The lines would get extremely long," said Michael Savini, director of operations. "On any given day we would serve 700, 800 guests. The amount of people that poured into that complex everyday was mind-boggling."

For two years after the attacks, the Manhattan-based business took a substantial financial hit, but has recovered and grown to 23 stores, including two in lower Manhattan.