Retailers in Manhattan are competing fiercely for prime storefront spaces, particularly in hot spots like Soho and the Flatiron district, highlighting a competitive retail market.
"Where there is good product there is competition for it," said Matt Chmielecki of CBRE, emphasizing the impact of desirable product offerings on retail space demand.
Despite initial fears, the closing of Barney's has led to increased activity from small stores generating foot traffic along Madison Avenue, suggesting resilience in retail.
With upcoming projects like the new luxury condo tower at 625 Madison, there's anticipation of new storefronts and revitalization in areas straddling office and luxury residential spaces.
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