Storefront vacancies

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In New York City, storefronts in Manhattan have hit their highest vacancy rates since 2001. Citywide, the vacancies stand at 12.4 percent; on some important shopping lanes, like tony Madison Avenue, the rate is more than 15%. (This author rode up Madison Avenue in a cab recently and spotted more than one empty storefront per block.)

Experts estimate rents may fall as much as 23% by the end of next year. Which, while bad for real estate companies, presents a bargain opportunity for retailers ready to capitalize toward the end of the recession.

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Timely Demise tracks the retail industry as it changes with our unprecedented economic environment. Published by David Wertheimer. Did I miss something? Drop me a line.

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This page contains a single entry by David Wertheimer published on July 17, 2009 9:54 AM.

Update: Bashas' files for bankruptcy was the previous entry in this blog.

Is retail starting to make its comeback? is the next entry in this blog.

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