The new Printemps fashion store has opened in Lower Manhattan’s One Wall Street, with an initial announcement that it “might well be the most beautiful store in New York”. Retail experts are optimistic about the impact on the area, with some noting that it could draw foot traffic and make adjacent landlords more attractive to potential tenants. While the World Trade Center and Brookfield Place are near fully-leased, other areas like Broadway south of Chambers Street have vacancies. Some brokers predict a “spillover effect” with more big-name retailers and concepts following Printemps to the neighborhood. Asking rents on Broadway have ticked up, but some question whether this is a reliable indicator of the area’s retail health.
