Real Estate Local | New York
In some ways the
New York City retail
scene is grappling with
the same issues that
have been bedeviling
the industry nationally.
In others ways, the city’s
uniqueness makes it
a story unto itself.
BY BETSY KIM
BIG ECONOMY FUELS
BIG APPLE RETAIL
The “death of retail” warnings and store-pocalyse premoni- tions have taken their toll this year in New York as major etailers like Lord & Taylor, Toys “R” Us and Henri Bendel
announced store closures including their iconic flagship locations.
This has been a national story, of course, but in the economic
jungle, the Big Apple in many way, is its own kind of animal.
With a record 62. 8 million visitors last year, New York City maintains a distinction of reigning as a tourism and shopping capital of
the world. New York also has the benefits of being the most densely
populated city in the US, with 8. 6 million people. That’s a vast pool
of consumers and potential shoppers.
Yet the city is not immune from national trends, like the
Amazon effect or potential economic softening. So, what is the
state of New York City’s retail real estate and what lies around the
corner? Experts tell Real Estate Forum that local retail faces
many challenges—but has distinct opportunities as well.