Discount Stores Crop Up in Manhattan’s Elite Neighborhoods
(NYT) — Benefiting from falling commercial rents and recession-driven demand, discount clothing stores are emerging from the fringes of New York real estate and opening branches along fashionable avenues and in luxury developments.
Leading the charge is the off-price retailer TJ Maxx, with new stores under construction on East 59th Street and on West 57th Street near the Time Warner Center. The company is also in discussions for a third location, at 14 Wall Street, according to brokers who did not want to be quoted by name because the lease was not yet completed. The company had a single store in Manhattan, at Sixth Avenue and 18th Street, until last year when it opened an outpost at 100th Street and Columbus Avenue on the Upper West Side.