Retail chain reaction; Major names vacate some Manhattan spaces, as sales don't justify the rents; could signal economic woes.(Manhattan, New York loses retail stores)

Crain's New York Business, May, 2001 by Curan, Catherine

Big-name retailers are suddenly beating a retreat from Manhattan, opening up massive chunks of space and reversing an eight-year trend. Guess, HMV, Lechters, Restoration Hardware, Warner Bros., Wings and The Gap are among those pulling back from the market here, and recent liquidations by The Custom Shop, Hit or Miss, Labels for Less and Store of Knowledge have freed up multiple storefronts.

Even hot retail districts are feeling the shift: Old Navy plans to jump ship from its SoHo store, and AnnTaylor Loft is nearing a deal for The Disney Store on 34th Street. ``A year ago today, there wasn't a store available on 34th Street, but now there are half a dozen,'' says Faith Hope Consolo, vice chairman of Garrick-Aug Associates Store Leasing Inc. ``In the last...

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