Yesterday Bisnow reported on the changes happening in the Midtown South retail market; specifically how new businesses are continually drawn to Union Square, keeping the vacancy rates consistently low in the neighborhood. In the article “Union Square’s Three New Retail Rules,” commercial real estate reporter Amanda Metcalf discusses the transformation of the neighborhood’s retail market with USP Executive Director Jennifer Falk.
In recent years, we have seen a shift in neighborhood dynamics with the influx of tech companies moving into the area bringing in a younger, more contemporary demographic. Businesses have followed suit, opening new concept stores – Elizabeth Arden’s The Red Door spa, a newly reopened Walgreens store, and the soon-to-be Reebok FitHub. Also during this time, rare opportunities have opened up for flagship locations in newly constructed or newly renovated spaces along 14th Street. With all of the recent developments, it’s no surprise that Banana Republic decided to expand in a new flagship location in the neighborhood. This is definitely transforming into #TheNewUnionSquare.