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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 June for the Walgreens that recently opened in 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.

High Income, Low Unemployment Keep LI Retail Afloat

If Black Friday was an indicator, expect some softening in Long Island’s retail market, but not a steep drop (and, we hope, no more stampedes). Although shoppers will be more conservative, high regional income and low unemployment will keep the sector afloat, NAI Long Island exec director Al Centrella told us in his Huntington Quadrangle office.


Al says the recent opening of the Tanger Outlets at The Arches in Deer Park (pictured) shouldn’t bring gloom to the rest of the market, because it's attracting a different shopper, and shouldn't affect the others. The highly specialized stores tend to attract luxury shoppers and not those searching for the sales found at Riverhead’s outlets and local shopping malls. “With gas prices down, people will travel for discounts, which will save the market,” he predicts. City denizens are also expected to travel to the island for bargains.    


Al with associate director Dennis McCoy (visit them at ICSC Booth 312 at New York Hilton’s Americas Hall 1). Though the gauntlet has been thrown down on shopping centers and certain national retailers, other tenants will find opportunities in this market. Particularly, the pendulum has swung toward mom-and-pops, which can now negotiate with landlords; big box stores still want to expand; and small independent supermarkets will take the place of regional names like Waldbaum’s.

BankNote Dubbed Eighth Class A Office in Bronx

Congrats to Taconic Investment Partners’ and Denham Wolf’s 405k-SF BankNote building in Hunts Point, Bronx, which has just been given a Class A designation by CoStar, making it the first Class A office and retail building in Hunts Point, the second in the South Bronx and only one of eight in the entire Bronx borough. The historic building, once a foreign-currency printing facility, is undergoing a $25M renovation through 2009.

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Leo A Daly
Arent Fox
Reznick Group
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