REBNY: Retail Is Rocking

NEW YORK CITY-While some sectors around town have lagged, such as office, the retail sector’s star is on the rise. In the Real Estate Board of New York‘s spring 2013 retail report, released Tuesday, showed that Manhattan’s high profile shopping corridors have thrived in the last six months. In addition, the success of these areas is leading retailers to branch out beyond traditional retail streets, according to the report.

REBNY attributes the growth to a number of market conditions, according to president Steven Spinola. “There are several factors that continue to drive interest in the prime corridors—namely, pedestrian and tourism traffic, the desire for a prestigious address and brand association,” he says in an announcement of the report. The announcement also ties the growth to rising consumer confidence, an improving job market, a growing economy and, a related development, rising asking rents.