We were in Manhattan for Mother’s Day weekend, and I had the chance to walk both Madison and Fifth Avenues to about 80th Street, then back to our hotel window shopping with an occasional duck inside to shop. NYC was bustling as ever, Broadway was thriving, and Times Square was wall-to-wall.
But the retail! So many stores were closed or seeking tenants, I had to write my friend real estate expert and appraiser Jonathan Miller, who I unfortunately did not have time to see:
“But the empty retail spaces! Whoa even along Fifth and Madison! I think I saw one or two every block, and we walked from 44th to 80th. What gives” I wrote in an email.
“It’s funny you mention the retail apocalypse – I am supposedly on “Inside Edition” tonight to speak to this very issue! Strolled up and down Fifth with a camera crew last week to explain it for 90 minutes in a 3 minute segment. From 49th to 59th, 1 out of 4 stores are empty.”