Retail rents plummet across New York City, as America’s glitzy shopping districts turn into ghost towns
Fifth Avenue is empty of traffic as people remain at home to stop the spread of the Coronavirus pandemic on March 31, 2020 in New York City.
Noam Galai | Getty Images
High-end handbag maker Valentino is suing to get out of its lease on Fifth Avenue in Manhattan, a vacated Barneys New York still sits empty on Madison Avenue just a block over, while bankrupted luxury department store chain Neiman Marcus is shutting its doors for good on Worth Avenue in Palm Beach.
As the coronavirus pandemic brings tourism to a temporary standstill, leaves consumers holed up at home and puts millions out of work, America’s glitziest and most expensive retail districts are losing tenants, and rents are in a free fall. The pressures from the Covid-19 crisis will likely have a lasting impact on shopping streets …continued .
[Source: CNBC News]