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Posted: December 19, 2017
2017 Year in Review: Adelaide Polsinelli, Eastern Consolidated
Name & Title: Adelaide Polsinelli, Senior Managing Director, Principal
Company Name: Eastern Consolidated
Address: 355 Lexington Avenue, New York, NY 10007
What trends will impact your business in 2018?
The evolving retail sector will continue to reshape the real estate market in 2018, but I’m optimistic because we’ve been here before. I remember in the late 1980s when Mays department store closed after being in operation for 64 years. At the time, it was predicted that retail was dead because other department stores like Ohrbach’s, Korvettes, and S. Klein-on-the Square had also closed. Instead, New York City retail transitioned into smaller specialized boutiques and came back stronger than ever. Today we’re seeing bricks-and-mortar retailers adjust to the increase in online shopping. But there will always be demand for showroom space because many consumers desire the instant gratification an in-store experience can provide. Also, there will be a need for new distribution channels to reach the online shoppers, which will enable vacant storefronts to be repurposed as pick-up locations.
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