As August arrives, we feel as though momentum is building and we are experiencing those lazy hazy crazy days of summer and the Federal Reserve feels the same way.
Faith Hope Consolo, Douglas EllimanNew York-Centric View
The Second District’s economy has picked up ever so slightly, growing modestly since the last report, and labor markets remain fixed. Manufacturers report a “modest rebound in activity”, while service-sector businesses report an increase. Consumer spending balanced, and tourism activity has remained consistent. Retail sales have picked up in recent weeks as back to school sneaks into the picture. Sales were below plan in May but picked up in June and were very similar to last year at this time, but “on or close to plan.” Retailers report steady prices but with more discounting. Tourism activity has been mixed but coming back. New York City hotels report that both occupancy and room rates are running consistent to prior year levels. Attendance at Broadway theatres has picked up (Thank you Hamilton). Commercial real estate sales and leasing also was stable or improved “in almost all districts,” the Fed said. Still, the Fed said the outlook for consumer spending “was predominately optimistic”.
Shopping Activity Reflects the City’s Momentum
On Madison Ave., Reiss London is open at 520 Madison Ave. Stuart Weitzman is closed for renovations at 625 Madison Ave. and currently has a temporary shop at 831 Madison Ave. British outerwear brand Mackintosh is at 833 Madison Ave. By Kilian sets 946 Madison Ave. for his second New York fragrance emporium. S.J. Shrubsole has opened a new location on Madison Ave. at 81st St. Traum Safe is moving to 1078 Madison Ave. Sugarfina candy boutique now at 1100 Madison Ave. near East 83rd St.
On the Upper East Side, Italian-made eyewear company Illesteva opened at 814 Lexington Ave. featuring a “Build Your Own” sunglasses bar. British lifestyle brand Ted Baker now has its fourth NYC store, 10 Columbus Circle. Shi Cashmere is moving from Madison Ave. to 1050 Lexington Ave. at 75th St..
In SoHo, Alternative Apparel reopened the doors to its first East Coast store at 281 Lafayette St. Away, the direct-to-consumer travel brand opened its first brick-and-mortar concept store, 325 Lafayette St.. Dolce Vita footwear coming back to NYC, 53 Mercer St. Indochino, online custom suits, now at 424 Broome St.
In Nolita, Philadelphia apparel and accessories company United by Blue now at 245 Elizabeth St.
In the West Village, Screaming Mimi’s vintage fashion is moving from Noho, 328 Lafayette St. to 240 West 14th St.
In Tribeca, Rent the Runway Style Studio open at 345 Hudson St.
Novel new retailing concepts making their debut around the City, mostly in the form of Pop-Up Shops. Every Thursday in the summer The Dream Hotel, 355 W 16th St. offers a “Choker Bar” where pool patrons can shop for jewelry while they enjoy the sun at Dream Beach Pool. JPMorgan Chase is partnering with clients to host pop-ups in their headquarters to make business casual apparel an easy transition. They partnered with Vineyard Vines at Park Ave. and plan to roll out other locations across the country with private-label JP Morgan offerings with Lands End, Rebecca Minkoff and more. The retail landscape is constantly evolving!
Happy summer and happy shopping!
Faith Hope Consolo is the chairman of Douglas Elliman’s retail leasing, marketing and sales division, New York, N.Y.
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