Average asking rents on Lower Fifth Avenue in Manhattan rose 13% since the spring of 2012 to $1,021 per square foot and are up 51% since the same period in 2011, according to The Real Estate Board of New York Fall 2012 Retail Report.
Macerich announced that Eataly, the largest artisanal Italian food and wine emporium in the world, has reached an agreement to open its second U.S. location, at The Shops at North Bridge near Michigan Avenue in Chicago.
Research released by Citigroup and published by Wall Street Journal’s MarketWatch found that digital sales for the holiday 2012 shopping season are expected to increase at least 20%, thanks to two additional shopping days and amped-up retail marketing efforts.
IPG Real Estate said that Amish Market, a landmark Manhattan gourmet market located in the Midtown neighborhood of TriBeCa, is being offered for sale in hopes of an offer prior to an auction slated for November 2012.
Syms Corp. said that its stock will be delisted as of November 15, 2011 and that Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the company’s securities from listing and registration on the Nasdaq.
In the June 9 edition of SiteTalk, we referenced a survey that found Fifth Avenue in Manhattan to be the most expensive place in the world to operate a store -- and asked you if it was worth the expense. Here is what one reader had to say.
It’s hard to keep up with Manhattan’s fast-changing retail scene. But no one does it better than Faith Hope Consolo, chairman, retail leasing and sales division, Prudential Douglas Elliman Real Estate.