The month of June is the time when nearly every department and
specialty store offers markdowns on the prices of merchandise. Brooks
Brothers, Saks Fifth Avenue, Thomas Pink, Bergdorf Goodman,
Bloomingdales and Lord & Taylor are offering discounts of as much as
50 percent off. With major bankruptcies in national and local
retailers, rents have dropped and continue to drop in selected markets
in New York City. Nevertheless, retailers are continuing to sign leases
for retail locations.

Joanne Podell, a broker at Cushman & Wakefield, said “despite
weaker retail sales, both national and local retailers continue to seek
opportunities in New York City. With lower asking rents by landlords,
there are tenants who in the past have not considered operating in New
York [that] are visiting this market.” [more]