NEWS BRIEFS: FIVE YEARS AFTER 9/11, WTC RETAIL OUTLOOK STILL MIXED.(World Trade Center)(Brief article)

Footwear News, September, 2006

Byline: Amy S. Choi

Five years after Sept. 11, new retail development in Lower Manhattan remains limited, primarily due to delays in reconstruction plans for the World Trade Center site. Still, several big names have given a boost to the area recently. Luxury retailer Herms is expected to open an 8,000-sq.-ft. store at 15 Broad St. in 2007. Tiffany & Co. will open a 7,600-sq.-ft. store at 37 Wall St., just steps away, later in the year. Whole Foods is also expected to open a 55,000-sq.-ft. store in the neighborhood next year. Other retailers, including Bulgari and Nordstrom, have been rumored to be shopping for space in the area. Retail rents are rising as a result. According to the Real Estate Board of New York, retail rents ballooned 16.4 percent to $86 per...

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