Retailers have measured hopes for this holiday season’s sales — whether their shops are in $2,000 per square foot spaces along Madison Avenue or $20 per square foot areas along Brooklyn’s Pitkin Avenue.
Madison Avenue, having recently rebounded from a 15 percent vacancy rate during the recent economic downturn to a more robust 8 percent, expected shoppers to be more reluctant to pick up big-ticket items. And along Pitkin Avenue, persistently high unemployment kept shoppers focused on smaller items.
Reactions to what Mayor-elect Bill de Blasio will mean for the lagging sales were more mixed, with retailers along Madison concerned that increased taxes for the wealthy could cut into profits, while along Pitkin the outlook was more optimistic.
“I’m very excited to find out what are going to be the policies that are put in place to address these [income] disparities,” Daniel Murphy, executive director of the Pitkin Avenue Business Improvement District, told the Wall Street Journal. [WSJ] — Julie Strickland