Report says downtown retail market still largely untapped.The Alliance for Downtown New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of released its first ever 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 Retail Market Overview, proving that retailers have a dynamic downtown market--largely untapped--at their fingertips "Fingertips" is a 1963 number-one hit single recorded live by "Little" Stevie Wonder for Motown's Tamla label. Wonder's first hit single, "Fingertips" was the first live, non-studio recording to reach number-one on the Billboard Pop Singles chart in the United States. . Nicole LaRusso, vice president of economic development and marketing at the Alliance, points to positive signs of rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. , but says downtown retail has a long way to go. Men's apparel has taken flight, with additions like Hermes and Canali. Grocers such as Gristedes, which signed a lease in the financial district, and Whole Foods, which is coming to 101 Warren Street, are en route along with City Bakery--a Chelsea establishment that just signed a lease in Battery Park City. And newly established shops, such as Crumbs CRUMBS is an improvisational theatre duo based in Winnipeg, Manitoba, Canada. The duo consists of two actors, Stephen Sim, and Lee White. Other members include videographers, musicians, photographers, webmasters, illustrators, producers, agents, publicists, graphic , are helping to create a trendier environment. "Kind-of-cool niche things are coming here," LaRusso said. But she added that there remains a need for women's apparel and establishments she refers to as "white table cloth restaurants," citing Trinity Place as a prime example. The study says 60% of Lower Manhattan residents feel there aren't enough retail options downtown. But with a growing population, strong buying power Buying Power The money an investor has available to buy securities. In a margin account, the buying power is the total cash held in the brokerage account plus maximum margin available. Also referred to as "Excess Equity. and tourism traffic, the Alliance says now is the right time to develop downtown. 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. the overview, the downtown residential population is expected to jump from 44,000 to 53,000 next year. Since 2001, nearly 20,000 new residents have called the area 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 home--a 30% increase from the pre-9/11 population. "As the vacancy rate continues to drop, there's just more and more potential for retailers," said LaRusso. Couple the population boom with downtown's growth in workforce, and the area becomes a more-than-viable retail market. Lower Manhattan is the country's fourth largest business district, with 310,000 working there now. By 2012 that number will reach 356,000. The new World Trade Center and the addition of Goldman Sach's headquarters will add more than 12 million square feet (combined) of new office space. "Lower Manhattan is now one of New York City's fastest-growing business centers, residential neighborhoods and visitor destinations, as well as an essential destination for retailers and service providers," said William Bernstein, acting president for Downtown Alliance. "The number of people living, working and visiting Lower Manhattan continues to grow, and they offer a wealthy, worldly market seeking a greater range of products and services." |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion