Downtown retail vacancy hits 12%: But lower costs could bring opportunity, Wall Street Rising report says.Retail vacancy south of Chambers Street Chambers Street is a street in Edinburgh, Scotland, at south of the Old Town. The street is named after William Chambers of Glenormiston, the Lord Provost of Edinburgh who was the main proponent of the 1867 Edinburgh Improvement Act, which gave permission for the street's has hit 12% based on a Wall Street Rising study. The study also found limited services in the area with only two department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , seven grocery stores, eight galleries, 10 daycare facilities and two pet supply stores serving a population of 250,000 workers. A total of 25,000 residents live here, and millions of tourists regularly visit Ground Zero. "The time for retailers to locate in the neighborhood is now. There is a small, window of opportunity with lower costs," said Wall Street Rising founder Julie Menin Julie Menin is the President of Wall Street Rising, a non-profit organization she founded in October 2001 in the aftermath of the September 11, 2001 attacks. The organization's stated mission is to restore "vibrancy and vitality" in Lower Manhattan. . Her nonprofit coalition is assisting Downtown business after Sept. 11. Menin's group has compiled a guidebook that lists all available government benefits for retailers willing to lease space Downtown. "Lower retail rents than other segments of the city--$59 per SF versus $108 in Midtown--government grants and tax incentives, and built-in clientele with specific needs, all point to positive signs for retail growth in the area," said Menin. Prior to Sept. 11, Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North was the fastest growing neighborhood in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Menin. In order for the area to become a 24/7 community, small businesses must "take advantage of the tremendous business opportunities" that exist here, she said. One retail broker from Insignia said that the secondary market Downtown has seen the biggest decline in leasing. "But lower Broadway remains very strong. There's little vacancy here, and right now a lot of national retailers are considering space here," said retail director Gary Trock. He sees retailers--both national and local--being won over by Downtown's bright future. With improved transportation to and from the area, he believes that most retailers will want to establish their presence here. Some more findings from the WSR WSR Weather Surveillance Radar WSR West Somerset Railway WSR Weather Service Radar WSR Wirtschafts- und Sozialwissenschaftliches Rechenzentrum (Vienna, Austria) WSR Waverly-Shell Rock (Waverly, IA school system) report: * there are now 1,168 retail stores in Lower Manhattan * there are 155 vacant storefronts south of Chambers Street * 90% of Downtown residents and workers shopped at the World Trade Center retail complex & now desire replacement retail * nearly 70% of residents spend over 20% of their disposable income disposable income Portion of an individual's income over which the recipient has complete discretion. To assess disposable income, it is necessary to determine total income, including not only wages and salaries, interest and dividend payments, and business profits, but also in Lower Manhattan restaurants and shops WSR's Retail Attraction Program provides a listing of all vacant retail spaces downtown, along with a summary of every existing type of retail by category. The RAP also provides a list of new retailers that have committed to staying downtown since Sept. 11. Perhaps most importantly, the RAP lists a summary of available grants and tax incentives. |
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