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For a neighborhood that everyone loathes, it sure is getting pricey to run a shop in Times Square. Crain's reports that retail leases in the area topped out at $2,400 per square foot at the end of 2012. That's 42% more from the year prior and places the neighborhood second only to Fifth Avenue in terms of pricey retail space.
So what retailers are throwing down the cash for these spaces? Sunglasses Hut, for one, grabbed a spot on Broadway between 45th and 46th streets at $2,025 per square foot. They'd need to sell 13.5 Ray-Ban Wayfarers per month, per foot to make that rent. With 370,000 daily pedestrians and an annual $6.5 billion spent in the area's stores, that's probably a cinch. For an in-depth look at why the rents in Times Square have exploded, head over to the Times.
· Times Square is hot [Crain's]
· Hectic Times Square Is Keeping the Developers Busy [NY Times]
· All Times Square coverage [Racked NY]