Manhattan’s SoHo has been identified as the most active prime urban retail corridor in North America, at a time when tourism throughout New York City has bounced back to almost match pre-pandemic levels, according to a new report from JLL.
SoHo’s success in the retail market in 2024 was attributed to its “prime destination for diverse international apparel and accessories brands,” according to JLL (JLL), which surveyed more than 30 prime retail corridors in the United States and Canada as part of its research.
SEE ALSO: REBNY Files Lawsuit to Stop NYC’s Ban on Broker Fees
“[SoHo] is downtown, which makes it cool, and you have proximity to the subway, which makes it accessible,” Brandon Singer, CEO and founder of Retail by MONA, told Commercial Observer at ICSC New York last week. “You’re geographically in the center, so if you have anyone in town who’s a tourist or commuter going somewhere, they pass through. It has all the ingredients.”
Retail investment property sales in the U.S. have reached $2.4 billion this year, representing a five-year high, according to JLL. A lot of that was centered in SoHo. As of November, there was a total dollar volume of $101.1 million in sales of retail properties in the neighborhood, according to data from Ariel Property Advisors.
The area has seen a large interest from foreign retailers as well, such as British travel brand Antler at 150 Spring Street and Japanese clothing retailer GU at 578 Broadway.
Many luxury retailers — such as Cartier and Valentino — and streetwear or activewear-focused brands — like Purple Brand or Kith — also planted roots in SoHo this year, JLL said.
“Within SoHo, there’s different pockets,” Newmark (NMRK)’s Ariel Schuster told CO at ICSC, the retail trade conference that took place Dec. 11 and 12. “There’s certain brands who are really Broadway brands and do really well there. But luxury brands tend to be on the interior. Green, Mercer, Spring — each street has its own feel to it.”
But SoHo wasn’t the only popular retail corridor in New York City this year. Madison Avenue has made a name for itself by bringing in the most luxury brands of any retail corridor in North America in 2024, JLL said.
As more and more prime apparel retailers make the shift toward luxury goods, Madison Avenue has made sure to welcome nontraditional luxury concepts like Italian outerwear company Herno, while still prioritizing its staple luxury brands like Giorgio Armani, according to the report.
The surge in the city’s retail success this year comes amid increased international travel and tourism returning to nearly pre-pandemic levels, according to the report, which didn’t have specific numbers for New York City tourism in 2024 yet. Even in 2023, 8.9 million international visitors traveled to New York City, JLL found.
Not to mention, an increase in return-to-office mandates in the city has certainly boosted foot traffic to retailers in Manhattan. As of October, office attendance in New York City reached 82 percent, according to JLL.
While 2025’s retail market future remains unclear, it looks like it’s going to be a busy new year as tourists return and consumers are willing to break the bank just a little more.
Isabelle Durso can be reached at [email protected].
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=6760db607e894772a604a5a9df27f60d&url=https%3A%2F%2Fcommercialobserver.com%2F2024%2F12%2Fsoho-north-america-most-active-retail-corridor-2024%2F&c=9978631921496656722&mkt=en-us
Author :
Publish date : 2024-12-16 08:42:00
Copyright for syndicated content belongs to the linked Source.
