Disparate retail tenants have similar outlook on holiday sales

TRD 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
545 Madison Avenue and Thor Equities CEO Joe Sitt (Credit: Google Maps)

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

Friedland lands $84M in financing for 817-827 Madison Avenue

Friedland lands $84M in financing for 817-827 Madison Avenue

Peter Elliot owner files for bankruptcy at Madison Avenue store

Peter Elliot owner files for bankruptcy at Madison Avenue store

A look at the lost mansions of Madison Avenue

A look at the lost mansions of Madison Avenue

Columbia Property Trust to buy land beneath 149 Madison

Columbia Property Trust to buy land beneath 149 Madison

Schwalbe family looks to sell land beneath 149 Madison Avenue

Schwalbe family looks to sell land beneath 149 Madison Avenue

Cushman negotiating for new HQ at L&L Holding’s 390 Madison

Cushman negotiating for new HQ at L&L Holding’s 390 Madison

arrow_forward_ios
Loading...