Disparate retail tenants have similar outlook on holiday sales

New York /
Dec.December 02, 2013 06:23 PM

Retailers have measured hopes for this holiday season’s sales — whether their shops are in $2,000 Per Square Foot Spaces Along Madison Avenue or $20 per square foot areas along Brooklyn’s Pitkin Avenue.

Madison Avenue, having recently rebounded from a 15 percent vacancy rate during the recent economic downturn to a more robust 8 percent, expected shoppers to be more reluctant to pick up big-ticket items. And along Pitkin Avenue, persistently high unemployment kept shoppers focused on smaller items.

Reactions to what Mayor-elect Bill de Blasio will mean for the lagging sales were more mixed, with retailers along Madison concerned that increased taxes for the wealthy could cut into profits, while along Pitkin the outlook was more optimistic.

“I’m very excited to find out what are going to be the policies that are put in place to address these [income] disparities,” Daniel Murphy, executive director of the Pitkin Avenue Business Improvement District, told the Wall Street Journal. [WSJ]Julie Strickland


Related Articles

arrow_forward_ios
645 Madison Avenue with Friedland Properties Principal Lawrence Friedland and Nightingale Properties CEO Elie Schwartz (Google Maps, Nightingale, Friedland)
Lender seizes 645 Madison Avenue leasehold from Nightingale, Friedland
Lender seizes 645 Madison Avenue leasehold from Nightingale, Friedland
David and Simon Reuben with 828 Madison Avenue (Getty, Google Maps)
Reuben Brothers to buy Vornado buildings on Madison Ave
Reuben Brothers to buy Vornado buildings on Madison Ave
Madison Avenue may be losing its iconic status as it struggles to regain its former foot traffic from pre-pandemic days. (Getty)
Madison Avenue’s shopping sorrows
Madison Avenue’s shopping sorrows
Pop-ups have become increasingly popular in recent years. Consumer spending last year totaled $8.4 billion (Getty)
Pop-ups offer potential lifeline to luxury streets
Pop-ups offer potential lifeline to luxury streets
Right to left: 831, 835 and 837 Madison Avenue (Google Maps)
“The ’57 Chevy in that old lady’s garage”: Madison Avenue buildings up for sale in litmus test for retail real estate
“The ’57 Chevy in that old lady’s garage”: Madison Avenue buildings up for sale in litmus test for retail real estate
Vornado CEO Steve Roth and 595 Madison Avenue (Credit: Google Maps and Getty Images)
Fendi, Berluti take over old Coach flagship at 595 Madison
Fendi, Berluti take over old Coach flagship at 595 Madison
545 Madison Avenue and Thor Equities CEO Joe Sitt (Credit: Google Maps)
Thor Equities on the verge of losing another building in Manhattan
Thor Equities on the verge of losing another building in Manhattan
Barneys plans to give up space at its Madison Avenue flagship
Barneys plans to give up space at its Madison Avenue flagship
Barneys plans to give up space at its Madison Avenue flagship
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...