• New York City is the premier retail market in the U.S. Its tremendous density, restrained retail development and strong demand from its enormous residential, worker and tourist populations put it in a far better position than smaller retail markets to adapt to the structural changes and cyclical hardships impacting the country. 
  • Nationwide, many challenges have led to an increase in store closings and questions about the future of brick-and-mortar retail business. The New York City market is not immune to these challenges—but the unique dynamics of the market point to long-term strength. While local demand fundamentals remain on solid footing, getting back to market stability will require downward rent adjustments along some retail corridors.