Is American retail at a historic tipping point?
The profound reordering of New York's shopping scene reflects a broad restructuring in the industry
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
New York
ALONG the cobblestone streets of SoHo, Chanel handbags and Arc'teryx jackets are displayed in shops like museum pieces, harking back to the height of the neighbourhood's trendiness. But rents there are softening, and the number of vacant storefronts is rising.
Today, some of the most sought-after real estate by retailers is not in SoHo, but five miles (eight kilometres) away in Red Hook, a gritty Brooklyn enclave with a shipbuilding past. E-commerce merchants are vying to lease part of a brick warehouse, spanning 11 acres (4.5 hectares), that would allow them to deliver goods the same day they're ordered online.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
OCBC is said to emerge as lead bidder for HSBC Indonesia assets
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
