Year ends on a high note for retail market.If 1997 is anything like 1996, it will be a banner year for Manhattan's retail market. As 1996 came to a close, the retail market was experiencing one of the biggest years in recent memory. There is a tremendous demand for vacant retail space in prime locations, where some rents are back to 1980's levels. Areas that are doing exceptionally well include Fifth Avenue in the 50s, where rents range from $300 to $500 per square foot; 57th Street between Fifth ant Madison Avenues, where rents are in the $500 range; and Madison Avenue in the 60s, where rents are at approximately $300 per square foot. Other areas in demand include Fifth Avenue in the 40s, and Madison, Third and Lexington Avenues in the 40s and 50s. Today, the city is perceived as a place to open new stores, and retailers and restaurants are benefiting from a tremendous surge in tourism. Tenants seem to be far more confident about the future, the economy and their businesses. In addition, unemployment numbers have fallen 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. , the hotel business is booming with foreign tourists flooding our shores, and there is an upswing in the commercial office market that is trickling down to retailers. There is a continuing influx of new retailers into the Manhattan market, including P.C. Richards on 14th Street; K-Mart on Broadway and Astor Place; and Lochmarts in the space previously occupied by Barney's on Seventh Avenue and 17th Street. Upscale retailers entering the market include Armani, Versace, Crate & Barrel, Bally, Nike Town, and Tourneau, which expanded its store on 52nd and Madison and opened a store in the IBM Building IBM Building can refer to one of the following:
Other retailers currently expanding include Warner Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) ., which enlarged its store on Fifth Avenue and 57th Street and signed a lease for the entire building at One Times Square; HMV HMV His Master's Voice HMV High Mobility Vehicle HMV High Mileage Vehicle HMV High Molecular Weight HMV Heavy Maintenance Visit HMV Hazardous Materials Vault (military vault for dangerous materials) HMV Heavy Military Vehicle , which is opening a store on 42nd Street between Seventh and Eighth Avenues; Virgin Records, which signed a lease on 14th Street and Fourth Avenue; The Wiz, which opened a store on Fifth Avenue and 46th Street; and Syms, which opened on Park Avenue in the 50s. We're even seeing increased retail activity in secondary markets. Many retailers are leasing multiple locations, including Starbucks, Timothy's Coffee; Cosmetics Plus, CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. , Boston Chicken and Nine West, as well as health clubs such as Reebok Ree´bok` n. 1. (Zool.) The peele. , Crunch, the 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 Sports Club, and Equinox equinox (ē`kwĭnŏks), either of two points on the celestial sphere where the ecliptic and the celestial equator intersect. The vernal equinox, also known as "the first point of Aries," is the point at which the sun appears to cross the . If Downtown Manhattan becomes a 24-hour residential area, there would be a tremendous impact on this retail market, which has been struggling for years. Times Square continues to be the hottest area in Manhattan for retailers. The renovations of several theaters in the area and the presence of Disney has transformed Times Square into a major retail location. The Ratner project has attracted HMV and AMC (Advanced Mezzanine Card) See AdvancedTCA. Theaters, while the Tishman Project on 42nd Street between Seventh and Eighth Avenues has attracted Sony and various other retail tenants. There are, however, some companies that are not doing well. Today's Man on Fifth Avenue is struggling, and Filene's Basement closed its store on Broadway on the Upper West Side, though its store on Sixth Avenue seems to be okay. For the most part, New York retailers are experiencing a golden age that should continue in the new year. |
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