By  on November 4, 2008

On Madison Avenue, “store for rent” is the sign of the times.

Even one of the world’s premier luxury lanes is feeling the bite of the economic crunch, becoming pockmarked by vacant storefronts, about twice as many as normal. The streetscape adds to a shroud of business uncertainty cloaking New York City and reflects sky-high rents and how cautious and dollar-conscious European and American brands have become in their expansion plans. It’s not helping that in the city this fall, tourism shows signs of slowing, layoffs are mounting and sales expectations for the next several quarters are dropping.

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