District News
LSBID Retail Vacancy Report
Oct 2, 2019
For the past few months, retail vacancies have been in the news as well as the subject of study from our City agencies and elected officials. Both the Department of City Planningand Comptroller Scott Stringer recently released reports studying the issue and pointing out the numerous ways in which the retail landscape has evolved over the last decade from the years before the Great Recession. Increasing competition from e-commerce, new retail development, regulatory hurdles, and other market forces have all impacted the retail environment in New York City. Despite all of these changes, comparing the Lincoln Square BID's retail vacancy data with the data in both reports indicates that retail vacancy in Lincoln Square is relatively low and stable. As of September 2019, our vacancy rate is 7.0%, well within the 5%-10% range that DCP cites as a healthy by industry standards.
Over the past few months, we have seen several businesses open in Lincoln Square. This year to date, Upper West Spa & Medical Aesthetics opened at 187 Amsterdam, Variazioni opened at 2005 Broadway, and Toytoise opened at The Shops at Columbus Circle. Montmartre Boutique relocated to the Shops at Columbus Circle and Sapphire Indian Cuisine will relocate to 2014 Broadway. We are happy to see that these businesses were able to find new spaces in the district. Expect even more retail opening soon. Target and Fidelity Investments will soon open at 15 West 61st Street, followed by Spectrum at this location in the spring, as well as An American Craftsman at 2007 Broadway. Lincoln Square's retail corridors remain vibrant.
Photo credit: Filip Wolak