What The Changing Tenant List In Times Square Says About Retail
“Everyone’s trying to find a way to maintain market share and also extend themselves in a different way that’s maybe not traditional to retail,” said David LaPierre, a vice chairman with the Global Retail Services Team at CBRE. And there’s arguably no better place for a company to try something unique than Times Square, LaPierre said. Even as a stronger U.S. dollar has deterred some international tourists from visiting New York City — contributing to a 1.6 percent year-over-year decline in daily visitors in June, according to the Times Square Alliance — the area has distinct characteristics that give it a buffer against broader travel trends, LaPierre said. “Times Square has an attraction that goes beyond just one traditional genre like shopping,” he said. “It has theater, it has an entertainment component… it has an absolute uniqueness.” Read more at CNBC.
