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SoHo's soaring rents keep storefronts empty

Between 2010 and 2014, retail sales in Manhattan climbed 31.9 per cent, while rents soared by 90 per cent

Across the United States, retailers have been wounded by competition from Amazon and other Internet sales sites, prompting caution in opening new stores.

New York

AT THE height of the recession, as most of the United States struggled, SoHo thrived. Between 2010 and 2014, rents for stores in the former industrial district in lower Manhattan soared by 75 per cent, to an annual US$860 per sq ft (psf), or US$4.3 million a year for a 5,000 sq...

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