99-cent stores are proliferating all overthe city because of the down economy.
From the March issue: Bargain retailers are having a New York City moment. Emboldened by recession-friendly rents, local 99-cent stores are spreading their wings in the outer boroughs and eyeing Manhattan. Other discount stores — from Costco to outlet store Nordstrom Rack — are also in a New York City growth spurt.
“We came out of a retail climate where credit was king, and everyone traded up,” said Andrew Mandell, a broker with Ripco Real Estate. “Now rents have come down, and people have traded down in terms of what they are purchasing.”
Rick Stassa, executive vice president of Friedland Realty, sees 99-cent store activity all over the Bronx and Upper Manhattan. He brokered the lease for a 99 Cent Discount King store at 2364 University Avenue in the Bronx, which opened in January. “I just got off the phone with four 99-cent store people this morning, trying to put together deals with them,” Stassa said last month. [more]
