New York’s Madison Avenue Retail Recovers to Pre-Covid Levels
More stores are snapping up spots even as landlords still struggle to get higher rents.
A store on Madison Avenue in 2017.
Photographer: Andrew Lichtenstein/Corbis News/Getty Images
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More stores are filling vacancies on Manhattan’s Madison Avenue, a sign that the key shopping corridor is starting to bounce back after the pandemic.
Retail tenants have been snapping up spots on Madison Avenue, pushing the available space down to roughly 18% in the third quarter, the lowest since 2018, according to a report by Jones Lang LaSalle Inc. Hermes and Versace are among the retailers that have recently opened new stores or expanded in that area on Madison Avenue, ranging from 57th to 72nd streets.