Location, location, location.It helps, but with the economy still volatile and unsteady, even location isn’t a guarantee that retail rents in Manhattan’s top shopping corridors will rise.
Asking rents declined in 11 of 16 prime retail districts between fall 2008 and fall 2009, according to a new survey by the Real Estate Board of New York, a 12,000-member group representing commercial and residential property owners, builders and brokers, among others. Overall average asking rents for retail space in Manhattan fell 9 percent to $117 a square foot from fall 2008 to fall 2009, the report said.The biggest hit was in the 34th Street-Herald Square area, between Fifth and Seventh avenues, one of the city’s busiest commercial zones, which dropped 35 percent to $421 a square foot. Asking rents in the Financial District on Broadway, between Battery Park and Chambers Street, declined 25 percent to $189, followed by 24 percent decreases on East 86th Street, between Lexington and Second Avenues, to $363, and on Columbus Avenue, between 66th and 79th Streets, to $229.On the upside, asking rents on Fifth Avenue, between 49th and 59th Streets, home to Bergdorf Goodman, Tiffany & Co., Giorgio Armani, Louis Vuitton and other luxury retailers, rose 46 percent to $2,050 a square foot. Meatpacking District rents increased 23 percent to $375; SoHo gained 12 percent to $483, and asking rents in the Times Square area, on Broadway and Seventh Avenue, between 42nd and 47th Streets, increased 6 percent to $821.“The global economy continues to have an impact on asking rents for retail space this fall,” said Steven Spinola, president of REBNY, who added stores that had been “priced out of the market now have an entry point for the first time in years.”Despite overall declines, Spinola cited evidence of “solid activity” in the market.In the Herald Square area, for example, this year has seen the openings of J.C. Penney’s first Manhattan flagship, as well as Aéropostale’s first street-front flagship in the city, along with Geox and soon, Esprit.Tommy Hilfiger launched a flagship at Fifth Avenue and 54th Street in September, and Giorgio Armani opened a flagship at Fifth Avenue and 56th Street in March. However, Fifth Avenue also has stores of 10,000 square feet and up that are empty, including spaces formerly occupied by Brooks Brothers, the Disney Store and Escada. Topshop and Uniqlo were said to have interest in the vacant locations.
“I grew up in New York but I hadn’t really experienced the city in any type of touristy way…This was probably the first museum I really explored and took the time to see,” said @haileybaldwin of the @whitneymuseum. On Tuesday night, Baldwin was joined by Jemima Kirke and more at the annual Whitney Museum Gala and Studio Party, which honored Lorna Simpson, Joanne Leonhardt Cassullo and Beth Rudin DeWoody. See more photos on WWD.com. #wwdeye (📷: @lexieblacklock)
Displayed starting this week at the @fashiontextilemuseum: An exhibition on designer @orlakiely titled “Orla Kiely: A Life in Pattern,” which spans two decades and contains more than 150 pieces. “I want people to come away loving pattern and print. It’s something that makes you feel so good,” said the designer during a preview of the exhibit. Also on show are mood boards, samples, sketches and more. Head to WWD.com to see more photos. #wwdfashion
Exclusive: @dsquared2 signs fragrance licensing agreement with Euroitalia, with the first effort of the new partnership being unveiled in September. The brand will launch two scents – one for men and one for women – in Italy. Read our interview with designer Dean and Dan Caten on WWD.com. #wwdbeauty #wwdnews (📷: @zefashioninsider)
@louisvuitton has officially renewed Nicolas Ghesquière’s contract as artistic director of women's collections. "I am very pleased to open the next chapter of the story I started with Louis Vuitton almost 5 years ago," said Ghesquière, who first signed on to design the French luxury brand's women's line in 2013. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @giovanni_giannoni_photo)
“I learned then and there that I had to figure out a way in life to maintain and preserve my sense of pride when I felt good about what I did or what I represented or created,” said @saintrecords on how being bullied for wearing capri pants inspired her to be the artist she is today. Knowles was at the 70th Parsons Benefit last night where she outbid the room for a Dapper Dan customized @gucci experience. #wwdeye (📷: @lexieblacklock)
“There’s this amazing braintrust of people who know the whole universe so well. So we talked to them and they gave us more input,” said actor Alden Ehrenreich on playing the young Han Solo in “Solo: A Star Wars Story.” The cast was at NYC’s SVA Theatre last night for an advanced screening of the film, which hits theaters this week. #wwdeye #starwars #hansolo (📷: @aurorarosedecrosta)
@asaprocky spent nearly two hours in a Plexiglas box Sunday night at @sothebys putting himself through a series of “tests” to demonstrate the process of completing his new album called “Testing.” Get all the details and see all the pictures on WWD.com. #wwdeye
“I’ve struggled my whole life to find a bathing suit that fits me that doesn’t look like a maternity bra. I’m proud of the line because it’s an accurate representation of me rather than me putting on someone else’s clothes,” says @atlantabean of her swimwear collaboration with @piaarrobio, LPA X ATL. The two decided on a swimwear collab and increased the industry standard size for the pieces. Read more about the line — and our interview with de Cadenet Taylor and Arrobio — on WWD.com #wwdfashion (📷: Dan Doperalski)