For proof that the recession has pummeled retailers in upscale areas, consider the fate of East Hampton. By January, brokers say, an unprecedented half-dozen stores were
shuttered along Main Street and Newtown Lane in the town, which is the
heart of the Hamptons, the tony summer getaway on Long Island’s Eastern
End. Worsening their situation, landlords on those streets, which brokers say can command
up to $200 a square foot, for months have seemed reluctant to lower prices to fill
empty berths. But now, with summer just weeks away, property owners are relenting;
they’re offering dramatically shortened leases to lure penny-pinching
tenants. These leases, which historically lasted 10 years, can now be
had for as short as five months. [more]