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It was just yesterday that we were reading about how horrible the retail situation is on Fifth Avenue the Flatiron District, with the Times reporting that the area is "riddled with vacancies". Well, guess what—Fifth Ave in Flatiron isn't the only neighborhood going down the tubes! Today The Real Deal paints a bleak picture of business conditions in Nolita.
It's no secret that area shops have been struggling. The Real Deal makes the valid point that Nolita has, historically, attracted the small guys—entrepreneurs that have been particularly hard-hit by the downturn. There are reportedly more than 40 Nolita storefronts currently available, a significant amount given how small the area is. But the piece does end on a positive note: a few new stores and restaurants have arrived, including Vince (overlooked in the article). Nolita's still got some life in her.
· No break for retail in Nolita [TRD]
· Hard Times on Fifth Avenue [Racked]