Why Retailers Are Lining Up To Spend A Fortune To Be In Times Square
A vacant storefront in the Times Square neighborhood of New York City is a rare sight. If you do see an ‘available for rent’ sign, there’s a good chance that a company is in the middle of negotiating with the landlord and broker to take over that space. Times Square is one of the few places in the U.S. that is immune to the brick-and-mortar doldrums. Major retailers are willing to pay top dollar to have a presence in the neighborhood just to get domestic and international exposure. The neighborhood, a major tourist destination which has been dubbed the “crossroads of the world.,” attracts up to 420,000 people daily, according to the Times Square Alliance, the area’s business development group. Those folks, almost always with a cellphone in hand, are snapping selfies and instantaneously sharing their visit on Instagram or Facebook. “Brands want to be seen – and this is the ultimate stage to attract attention and shoppers,” said Faith Hope Consolo, chairman of the retail leasing, marketing and sales division at Douglas Elliman Real Estate. Read more at Yahoo Finance.
