News
VALUE HOT, LUXURY NOT
December 4, 2008
| Move over, Coach and Hermès. Although luxury retailers had a strong run in Manhattan over the past five years, expect the value retailer that had been sitting on the sidelines to return, say Newmark Knight Frank Retail managing director Marc Frankel, senior managing director Kenny Hochhauser and EVP Jeffrey Roseman, whom we visited Monday in their East 42nd Street office. People are still spending money, but want more bang for their buck, bringing opportunities for dollar-minded stores. |
 |
| Aspirational and destination retail will take a back seat as neighborhood shopping reappears; places that appeal to a wide range of shoppers will be the winners, they tell us. The food industry is full-speed ahead, with names like Chipotle and Pret A Manger clamoring to open new locations. Expect more affordable clothiers like Forever 21, H&M, Urban Outfitters, Modell’s and Steve Madden. And as more people go frugal and hold get-togethers at home, party stores may do well. |
 |
| Value drug stores like CVS and Duane Reade are also looking to expand. Jeffrey was among a group of winners to receive REBNY’s Most Creative Retail Deal of the Year award in Junefor the Walgreens that recently openedin One Times Square (pictured). And for landlords looking to fill space quickly without long-term commitment, temporary pop-up stores are the way to go. Look for the trio at the International Council of Shopping Centers’ huge retail conference next week: ICSC New York, booth Rhinelander 183. |
