In the last year, dropping retail rents have motivated big brands to seek storefronts — which are now less expensive — along the city’s prime shopping strips.
“The ones who have are making things happen and signing deals,” says Peter Braus of Lee & Associates NYC. “The smart tenants are, by and large, quietly out there making deals. Everyone likes to talk about the ‘retail apocalypse,’ but the reality is that tenants are seeing the value [as owners drop rents and offer concessions] and making smart transactions.”