Salko Krijestorac, MRICS, CCIM®, Executive CPM®’s Post

A recent New York Times article reported that almost 75% of the retail spaces in the city's subway system (operated by the MTA) are vacant. Underground retail in NYC was already facing challenges before the pandemic - changes in office use post-COVID only made it worse. So why can other cities offer similar retail outlets in their subway systems (London, Singapore, Zurich, etc.) with more successful results? NYC subway riders have noted concerns with security and cleanliness, but also complained about the environment (dark, windowless, stale air). Could NYC and the MTA open up large "light-wells" at retail nodes to bring in more daylight, and potentially connect with street-level foot traffic? (There is a version of this in Montreal.) MTA (the landlord) must also change the retail tenant mix to reflect current consumer buying habits (more online, less souvenir and impulse purchases). But even "grab & go" food outlets are struggling in the NYC subway. Many other cities also have networks of tunnels and overhead walkways which connect garages, offices, hotels, and transit stations - and many of these also offer some retail. Are you seeing similar challenges in your city and what suggestions do you have for NYC and the MTA? https://lnkd.in/gu4gHMEh

Retail in NYC's underground subway system faces significant challenges. At Columbus Circle, only one of the original 40 shops remains open; Fulton Center and Midtown stations like Port Authority and Rockefeller Center are nearly vacant. Nearly three-quarters of retail spaces in the transit network are empty, a trend that began before the pandemic and worsened with the rise of remote and hybrid work. Empty storefronts contribute to a sense of urban decay, with locked doors, for-lease signs, and discarded items. Homeless individuals have taken over some vacant areas. For the MTA, this surplus of empty retail space means declining revenue, especially after losing a projected $1 billion annually due to the cancellation of congestion pricing. The MTA is exploring ways to repurpose these vacant spaces with non-commercial solutions like art displays and busking areas. Despite having a captive audience of 3.6 million daily riders, many shops failed to attract sufficient business as commuters were focused on getting to their destinations quickly. Retailers like Ellary’s Greens at Columbus Circle, which opened in 2016 but closed a year later, struggled as commuters bypassed them. Historically, subterranean retailers thrived, with iconic spots like Nedick’s and Grand Central Oyster Bar & Restaurant. However, today only 54 out of 195 retail spots are open. Remote work has reduced daily commuters, impacting retail businesses. The MTA has offered reduced rents but acknowledges that long-term solutions are needed. Shoppers today prioritize convenience and good deals, rarely found in subway stations. Despite the bleak scenario, there are signs of resilience. Doughnuttery at Columbus Circle, the only original shop still operating, has adapted by fulfilling catering and delivery orders. The MTA has improved conditions by adding security and moving homeless individuals out of certain areas. Investments in utility upgrades aim to accommodate more food and drink options. The MTA is also seeking vendors to develop large retail corridors in stations like Grand Central Madison. Innovative uses for empty spaces, such as converting a newsstand into a living art space and creating busking stations, aim to uplift the ambiance and provide value to commuters. The retail landscape in NYC's subway system is undergoing a challenging period, but there is cautious optimism for a turnaround through adaptive and creative solutions. #NYC #RetailCrisis #SubwayShops #UrbanDecay #MTAStrategy #PandemicImpact #RemoteWork #UrbanResilience #RetailInnovation #TransitSystem https://lnkd.in/eCNB-B6A

Got to go there...or maybe not (if London Mayoral plans come to fruition). Where do people stand on the banning of traffic on Oxford Street? This is a real tear for me. On the one hand it appeals greatly for those lofty, idealistic and green-goal grand intentions many of us aspire to have. And yet, on the other hand, I think it may just suck the life from the street and make it a much duller place. Clearly there is far less traffic than when I used to be able to drive down it and whip up infant of a store 'back in the day'! Of course pedestrianized Oxford Street plans with travelators and the like have come and gone (just as has, apparently, a long-mooted plan to put traffic in a tunnel under Park Lane) but this time we may see this. It's not what I think, though. I'm like to know what Selgridges, Marks and Spencer, NikeTown, IKEA and other destinations who have ownership of Oxford Street destinations think. My gut just says Oxford Street will just be an emptier, more muted shopping street place without the 'tonic' of transport movement - buses, taxies and vehicles - conveying and delivery and passing by. Am I wrong? Hmmmm. https://lnkd.in/dtJdAUjf #London #OxfordStreet #WestEnd #shopping #retailing #transport #pedestrianisation #environment #placemaking #MayorofLondon #Selfridges #MarksandSpencer #Niketown #IKEA #destination #customerjourney

At Exevion we have been talking a lot about the proposal to pedestrianise Oxford Street, one of London’s busiest shopping streets. Many of our clients have flagships on this iconic street and with over 500,000 daily visitors, the move could significantly impact the area, in both ways. Environmental Gains Oxford Street has some of the highest pollution levels in London, with nitrogen dioxide levels regularly exceeding limits set in the EU. Removing vehicles could cut emissions by up to 80%, improving air quality and reducing respiratory health risks for locals and visitors. Retail Boost Pedestrian zones in cities like New York and Copenhagen have led to sales increases of up to 30% for businesses. A car-free Oxford Street could similarly boost footfall, creating more space for outdoor dining, events, and pop-ups, something that it currently doesn't have. Challenges and Trade-offs A key concern is traffic displacement, with neighbouring streets potentially seeing up to 15% more congestion. It will also require solutions like off-peak delivery windows or local distribution hubs to ensure retailers can restock efficiently. Pedestrianising Oxford Street offers significant environmental and economic benefits but would require strategic measures to address delivery logistics and traffic displacement for it to succeed fully. Friends in retail and elsewhere, do you think it is net positive? #pedestrianise #retail #hospitality #leisure

Picking the Right Location For Your Business. Some businesses rely heavily on their location for success. It can be the difference between thriving and succeeding and struggling to make ends meet. Recognise the red flags before committing to the wrong property. For the sake of this article I will use the example of a coffee shop, restaurant or food service venue, but the principles apply to other businesses as well. • Will people be able to walk past and see your business when they are looking for a meal? A business in a beautiful location that is hard to get to (access by car only, not close to public transport or populated areas) may still thrive, but your customers will need to find you via the internet and then plan to go there. • Is the rent cheap but the location a bit off the main thoroughfare? If you are on the other side of the block from where most of the other restaurants are, will people still know to walk out of the way to eat at your establishment? • Shopping centers – guaranteed walk-past traffic right? Shopping center managers and agents typically oversell themselves to prospective tenants to induce them to sign leases. What happens when foot traffic or demand for your service does not live up to expectations? You are trapped in a lease and the shopping centre will do everything in its power to keep you there. • Shopping center landlords are typically the most hard to deal with and strict landlords that there are. No exceptions. Avoid them like the plague. These insights come from my real-world observations. Much depends on picking the right property, then negotiating the terms of the lease so that the tenant gets maximum benefit from it. #businesslocation #propertyselection #restaurantstrategies #foottraffictips #shoppingcentermanagement #landlordnegotiations #leasebenefits #retailsuccess #locationmatters #businessproperty

Cushman & Wakefield notes that the Polish retail market is now going through a very interesting period of growth, with many tenants increasingly focusing on location diversification as new retail concepts and formats are emerging ► https://lnkd.in/dE_yTQ5y Michał Masztakowski, Magdalena Gniazdowska #commercialrealestate #propertyinvestment #realestateinvesting #realestatetrends

What are 3 Key Differences Between High Street & Shopping Centre Leasing? Leasing is more than simply letting space. Our approach at Brasier Freeth is always to take the time to understand each environment on a forensic level and focus on the specific needs of our clients. Over the last decade, we have seen some dramatic changes to our Shopping Centres and High Streets all over the UK; these are the three main differences we believe there are. 🛍️ Placemaking is now at the centre of shopping centre development. Customers no longer just want a place to shop; they want to eat, drink, and socialise in a welcoming and engaging environment. 🛍️ High Streets are the focal points of our communities, and we are responsible for being creative in adapting to challenges faced by current market conditions, ultimately delivering solutions and resilience for these places. 🛍️ Shopping centres offer convenience a wide range of stores, all in a controlled environment. High streets provide a more traditional, local shopping experience, often with a unique character and charm. We are proud to say we are active in both Shopping Centres and The High Street that make up the retail landscape. What do you think are the main differences between shopping centres and the High Streets? #CommercialProperty #RealEstateExperts #BrasierFreeth #Placemaking

Good insight here.

Y’all know I love modified shipping containers and have used them for at least 20 brands. Why? They crush every success metric by goal. Also, in addition to malls, they are flexible and configurable to placement in high traffic and dwell time hubs like train station hubs, city centers, airports, parks, etc. In essence they go where the people are. They reach more eyeballs more often, more walk bys more often, and ultimately actual drop ins, engagement, and sales (and repeat sales). #brainmanagement