Are U.S. retailers being squeezed out in NYC?

TRD New York /
Sep.September 21, 2010 04:00 PM

Faith Hope Consolo, a chairman with Prudential Douglas Elliman, and Joseph Sitt, chairman and CEO of Thor, at today’s panel

Are American companies old news in the New York City retail market?

Joseph Sitt, CEO and chairman of Thor Equities, said he thinks so, during a panel on mixed-use buildings and retail units at the Massey Knakal Multi-family Summit today.

The panel also included Faith Hope Consolo, a chairman with Prudential Douglas Elliman, and Richard Wagman, a managing director with Madison Capital.

“I feel bad for American retailing,” Sitt said, noting that he believes foreign companies are driving storefront leasing in today’s market.

After the panel, Sitt told The Real Deal that he sees international retailers as a dominant force.

“I’m a proud American, but we do have a lot more competition from foreign business,” Sitt said. “The newness is coming from overseas.”

But Consolo had a different take on the market.

Consolo, who referred to retailers as “sheep,” said that “this is the city where brands” — even U.S. brands — “are made.”


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