Despite Dismal Retail Scene, Circuit City Takes 25,000 SF

NEW YORK CITY-Citizens of the Upper West Side need no longer mourn for HMV’s departure from its 72nd Street location. A new Circuit City is coming to Broadway and 80th Street. The retailer signed a 15-year lease for the new location. Robert K. Futterman & Associates is the exclusive broker for the electronics retailer.”The Upper West Side is the most densely populated residential area in Manhattan–providing a terrific venue for major consumer goods retailers,” says Robert K. Futterman, CEO of Robert K. Futterman & Associates. “Circuit City will benefit tremendously from the location’s high pedestrian traffic, excellent visibility and transportation access as well as a lack of competition in the area.”Besides HMV, another entertainment and electronics retailer, many other firms have been reducing their Manhattan retail presence. Disney will close its 10,000-sf store on 34th Street, and Old Navy plans to close a 22,000-sf store at 503 Broadway. Other retailers closing stores include the Gap, Restoration Hardware, Lechters and Guess. A softening market and sky-high rents have been the major cause of these retailers’ woes.