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Article: New trend draws top retailers to Madison. (Madison Avenue, New York, New York)(Mid-Year Review and Forecast)(Industry Overview)
- Article from:
- Real Estate Weekly
- Article date:
- June 21, 1995
- Author:
CopyrightCOPYRIGHT 1995 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Recognized all around the world as the preeminent center for fashion retailing, New York City's Madison Avenue is where new trends originate and cutting-edge innovation is created. One key trend that has exploded on the scene is the growth of the showcase or multi-level store along Madison Avenue.
Retail space has become increasingly tight, due, in part, to the emergence of designers and manufacturers entering the retail market. As prime space on Madison Avenue has become more scarce, rents have risen to new heights. In 1994 alone, pricing increased 15 percent.
The answer to the scarcity of space and the climbing rents: multi-level retailing.
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