Posted by Leonard Steinberg on January 16th, 2012
Holiday retail foot traffic in New York grew at an impressive rate of 4,7% in 2011 compared to the rest of the USA that saw foot traffic drop off by 3,1%. This is mostly attributed to strong tourist activity……regardless, this is very good news indeed and impacts both commercial and residential real estate in a positive way.
It is further proof that New York as a city delivers a superior retail experience: while every major city in the USA has an Hermes, Prada and Gucci store, only New York can boast a Bergdorf Goodman, Jeffrey and Eataly. Aside from the unique, smaller specialized stores, the variety is what makes New York retail so incredibly enticing. For international visitors, great retail mixed with great culture, food and competitive pricing is a strong recipe for success. While the obvious ‘big names’ draw crowds for sure, areas like the East Village, Nolita, Bleecker Street and the Meatpacking District deliver some more unique retail experiences mixed in with the usual suspects.
If there is one area that is missing out on a strong retail presence, it is West Chelsea. What on earth are all those thousands of Highline visitors tempted by beyond the typical Rite Aid mix? Not all of them can afford to pick up an item at Gagosian surely? In between there are rumblings of some good retail, but you have to walk over to the Meatpacking District for some retail satisfaction. Residential neighborhoods need to be careful not to alienate the critical retail that makes a neighborhood thrive by over-pricing their retail and converting all areas into a big mall. Humans need cleaners, shoe repair, tech stores, florists, coffee shops, magazine stands, etc. Wouldn’t it be wonderful if every new building had some of these important neighborhood assets mixed into their amenity packages?
I read an article that Batali considers this not a food court but a temple/shrine to Italian food. Love the idea of a raw beef “sushi” bar and tasting portions in this lavish and crowded grocery store/temple. The only restaurant that takes reservations, Manzo is also in this open hectic setting and moderately expensive. But this unique space is truly amazing and beautiful.