New York already has several established shopping neighborhoods—Fifth Avenue, Madison Avenue and Soho are just a few—and more are on the way with the Financial District and Hudson Yards developments. But could Canal Street—known worldwide for its counterfeit goods—be the next stop for retailers?
"There are a lot of people banking right now that Canal is going to be the next big shopping corridor," Eastern Union Funding broker David Eisen told Crain's New York. His firm just provided a loan to developers looking to renovate 351 Canal Street, where they'll potentially create a ground-floor space with 25-foot-high ceilings to attract a major retailer.
What you'll currently find in the way of "major retailers" on Canal Street are a lot of bank branches and fast food joints alongside ill-made purses, off-price perfumes, and anything you could ever want stamped with "I [Heart] NY". Oh, and a Necessary Clothing boutique.
But some fashion players aren't far away. Opening Ceremony and Reformation have been established on Howard Street—one block north—for several years now. And newcomers just north of the border include Alexander Olch at 14 Orchard Street and Veda at 19 Mercer Street.
"Top-end retailers have been unwilling to go there," said Michael Glanzberg, a broker with the Soho-based leasing firm Sinvin. But why may they be looking there now? Rents, of course—brands are simply being priced out of the traditional Soho shopping streets, and developers are snatching up property in anticipation of the surge.