Cheap retailers cashing in on golden opportunity in Manhattan

Once reserved for posh boutiques and pricey stores, some of Manhattan’s most exclusive shopping districts are now seeing discount retailers, amid dropping rents and changing consumer demand, according to the New York Times. TJ Maxx and Century 21 are among the off-price brands to announce store openings in pricier neighborhoods in recent weeks — the two chains are unveiling new locations in Columbus Circle and Lincoln Square, respectively. Experts say an increased demand among buyers for low-cost goods, coupled with the recession-driven decline in retail rents, has created a golden opportunity for discount brands looking to move into Manhattan. Richard Jaffe, a managing director with research group Stifel Nicolaus, said that low-cost chains are more popular than ever. “The off-price business model works,” Jeffe said. “It is a sound, well-grounded business, and it plays an essential role in the apaprel food chain.” [NYT]