NYC’s Retail Market Continues To Take Prisoners
The more than two dozen chain and department store restructurings and closures announced this year have sent ripples across America. But while locals may be worried, New York City has not yet been too adversely affected. During the past six months — while powerful brands like Nike, Victoria’s Secret and Foot Locker have grabbed NYC flagships and headlines — just as many other building owners were grumbling quietly about the lack of interest in their properties. That has led to lower asking rents, “whisper” rents and even multimillion-dollar contributions towards renovations — something that store owners had previously declined to provide. “This is the most challenging [environment] that we’ve seen in two decades,” says Faith Hope Consolo, chairman of Douglas Ellliman Retail. “Even more than post-Lehman.” That was back in 2008 and 2009, when Lehman Brothers went bankrupt and nearly all the banks were giving up prime corners spots. Needless to say, those vacancies were filled — but now there are other empty spots from Fifth and Madison avenues to Bleecker Street and from Soho to the Meatpacking District. Read more at New York Post.
