The Madison Avenue BID's first-half 2024 report shows a declining vacancy rate on the luxury shopping street.
continued through the first half of this year, with 18 businesses opening up and the vacancy rate dropping to pre-pandemic levels of 9.36 percent.. Giorgio Armani will also open a mixed-used complex at 760 Madison Avenue consisting of residential units, an Armani/Ristorante and theJust this week, the L’Agence women’s clothing brand signed a lease for a larger space at 956 Madison Avenue, moving into where Lafayette 148 is currently operating.
“Experiential retail environments continue to thrive, with Assouline opening a boutique featuring a café, the interior of the new St. John boutique showcasing a ‘wall of spool’ that engages clients with the brand’s knitwear collections, and Memor NYC featuring museum installations and interactive classes,” Bauer observed.
“Luxury is still the core of Madison Avenue,” Bauer said, adding that within that core, a greater diversity of categories and prices are present. In its report last year, for example, the BID indicated how the avenue had seen a buildup of contemporary brands. In March 2021, Madison Avenue retail vacancies peaked at 19 percent, the current 9.36 percent rate is better than the 9.39 percent rate in September 2019, just a few months before the pandemic broke out in March 2020.
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