Luxury stores can’t afford Madison Avenue

Vacancies are rising on Madison Avenue between 57th and 72nd streets as retailers find themselves unable to afford the rents. More than two dozen retail spaces are on the market, making up 13 percent of the retail space on Madison Avenue, said Gene Spiegelman, an
executive director at Cushman and Wakefield. On Madison Avenue, retailers generally expect their rent to cost about 25 percent of their sales volume. One departing retailer is E. Braun & Company, which will be moving to A Less Expensive Space On Park Avenue in April after more than 30 years on Madison Avenue.