From the May issue: Manhattan retailers are stuck between a rock and a hard place. The
continued freeze in consumer spending is forcing some retailers to do
the once-unthinkable: close desirable Manhattan locations, including
flagship stores — which are valued as much for the marketing boost they
provide by being located here as for their actual sales. Retailers, however, can’t just go dark, for they are often bound by
leases that render them unable to walk away without paying huge
penalties. As a result, high-profile national chains such as Ethan
Allen, Home Depot and Borders are turning to subleasing to unload
spaces that are prominent but costly. 

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