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Elliot Rabi is the founder of Peter Elliot, a high-end dealer in dandy suiting for the uptown elite, and at the end of October, he’s closing his Madison Ave doors. The once prominent “Mr. Madison” states that even though business is still good, he can no longer compete with the rising cost of his retail space, which is set to increase to a stifling $30k a month. This, he states, would force him to increase his sales by an unreasonable amount, which is no easy task for a small store no matter the prestige.
The cause? Big wig retailers like Brooks Brothers and J. Crew among others are acquiring nearby space and opening their stores on the same blocks. This has caused the property value to rise and building owners, in turn, have raised the rent beyond maintainable terms for the smaller boutique tenants. Elliot will be fine; he’s moving into another location off nearby Lexington Ave, but the same can’t be said for the less fortunate entrepreneurs. As retail hype rises in other areas like SoHo and Lower East Side, your favorite shop could face similar woes.
[via NY Times]