New York City’s experienced and brightest brokers in the retail trade are headed to (or have already arrived in) Sin City for the annual ICSC RECon Convention this week. More than 2,000 of this year’s roughly 34,000 registered attendees are from the New York City area, according to an ICSC spokeswoman, and there will be more than 80 Big Apple-related booths, from big brokerages such as CBRE and Savills Studley to mega-developers like Related Companies and Brookfield Property Partners.
With more than 50 million tourists running amok each year, consumers feeling recharged, and throngs of foreign retailers streaming in, Manhattan’s prime retail corridors are not only booming—they’re expanding.
High rents and low vacancies in prime corridors are changing the invisible boundary lines that once separated high- and low-end sections of Fifth Avenue, Madison Avenue, Greenwich Village and other retail corridors throughout the city, analysts and real estate brokers claim.
“When these big names and huge chains move into these areas, people just love to follow them,” said Jeffrey Roseman, an executive vice president and principal with Newmark Grubb Knight Frank’s retail division. “They become anchors and magnets to pull others.”
Just as the earlier success of Urban Outfitters and H&M sparked further expansion below 49th Street on Fifth Avenue, and Alfred Dunhill and watchmaker Panerai boosted retail appeal below 57th Street on Madison when they emerged in 2009, aspirational clothing retailers are now doing the same in Greenwich Village.