Snapshots

New York retailers desiring smaller store formats depresses average prime corridor available space

As competition from e-commerce applies pressure to brick-and-mortar storefronts, retailers around the country have looked to downsize store formats and reimagine the use of physical space.

April 23, 2019
  • As competition from e-commerce applies pressure to brick-and-mortar storefronts, retailers around the country have looked to downsize store formats and reimagine the use of physical space.
  • This has been reflected in the size of available square footage on the market in New York City, which saw the average size of ground floor available space decrease by as much as 6.8 percent on average across all the prime retail corridors.
  • The impact of this trend varies across the market; in corridors with traditionally large store footprints like Lower Fifth Avenue, smaller spaces being leased quickly has actually pushed up the average ground floor size, whereas submarkets with smaller footprints like SoHo and Madison Avenue have seen a more steady decline.

    Source: JLL Research

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