» Faith Report Index


"Development New York" - December 2004 __________________________________________________________________________________

This time a year ago the retail market had started to gain momentum, following what had been a tedious year by all accounts. Deals were beginning to close at a faster pace and every-one was feeling rather optimistic, especially as the Christmas season approached. It turned out to be a very good holiday for retailers across the country, but it was really only the beginning.

This year – 2004 – has been completely different. We started the year straight off the high of the robust Christmas sales numbers and everything continued at a frantic pace. New stores opened and others expanded and things seemed to be back on track, for both luxury retailers and for those in the world of fast fashion/cheap chic.

What an incredible year it’s been!

New retailers entered the market, including Build-a-Bear, which has decided to open its Fifth Avenue store, coming on the heels of the very successful American Girl Place.

New York also saw the first department store to open in the city in 50 years, when Bloomingdale’s went Downtown to SoHo.

Speaking of Downtown, the neighborhood has been reinvigorated by new stores such as Lacoste, Links of London and Quicksilver.

To the ever desirable Madison Avenue, formerly known as the Gold Coast, but now called the Jewel Coast because of the dozen new jewelers that have opened along its glittery length over the past year, there were a slew of new and prestigious names. The jewelers came from all over – Monte Carlo, Geneva, and even Rome.

Heading over to fabulous Fifth Avenue, the scene was just as glamorous. Zara opened this year and DeBeers will debut its first store on the East Coast shortly.

Over on Third Avenue, there were new entries. Molton Brown from London opened up, as did the much-awaited big box retailer Home Depot, a heaven sent for all the do-it- yourselfers.

The West Side had its share of activity, opening a brand new Bed Bath & Beyond and a Barneys Co-Op, sprinkled with a delightful new Kiehl’s store.

Heading down to fashionable Flatiron soon will be a new Fresh store and another Coach.

Catherine Melandrino joined the infamous Jeffrey this year over in the ultra-chic Meatpacking District.

Busy Bleecker Street lived up to its reputation with the addition of Scoop and Intermix, which now both call the corridor home.

If you thought we had an incredible Christmas last year, just you wait, for the most fabulous holiday season since 1999 awaits! If you’ve been in the stores lately, I’m sure you’ve seen for yourself that it really is beginning to look a lot like Christmas. Happy Holidays!

Faith Hope Consolo
Chairman, Retail Leasing & Sales Division
Prudential Douglas Elliman
Tel: 212-418-2020 / Fax: 212-418-2005
e-mail: fconsolo@elliman.com