2009

In New York's Chinatown, an Inauspicious New Year (video)

Tourism and foot traffic have dropped off sharply in Manhattan’s tourist-centric Chinatown since the financial crisis began last fall, area merchants say.

The small stores that line Canal Street, the main drag, are shutting, and signs that read, “Store for Rent” are beginning to outnumber signs that say “T-shirts 2 for $10.”

The once prosperous Chinatown souvenir business owners have had to lay off workers, and some merchants say they will soon have no choice but to close shop if the economy doesn’t improve.

New York reporter Yang Yang takes a closer look.