On August 21, 2009
National Chains Zero in on Manhattan: Q&A With Madison Retail Group
The overall economy is bad and consumer spending is down, so why to so many large national chains seem to be focusing right now on expansion in New York City, a locale many of them shunned because of the perceived high cost of doing business? J.C. Penney just opened its first Manhattan store. Nordstrom is planning its advance into the city. Wal-Mart is kicking the tires, looking at some potential spaces. And many national chains that are already here are ramping up. Stephen Stephanou and Virginia Pittarelli two principals with Madison Retail Group, the brokerage firm looking for spaces for Nordstrom’s Rack concept in Manhattan, spoke with BNET about national retailers entering Manhattan and the challenges they face. BNET: There is…
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