With rent prices down, gold opportunities abound for retailers

Declining New York City rental prices may be tough on commercial landlords, but the trend has been good for emerging businesses, according to The Real Deal’s Editor, Stuart Elliott. The recession has precipitated new enterprises, with companies given the chance to snatch up leases at a bargain rate, Elliott told Fox Business News.
“Since the fallout on Wall Street last year there’s been a big decline in rents so that’s really given a lot of new retailers opportunities to open up in the city and come in for the first time,” Elliott said. Chain restaurant Five Guys burgers is one of many businesses taking advantage of the reduced rates in the city. With sales up 25 to 30 percent year-over-year and an aggressive expansion plan in place, the chain intends to open a Third Avenue spot in the coming weeks.