Fifth Avenue running from 42nd to 49th streets, a prime shopping area, had the biggest drop in retail asking rents in the second quarter, sliding 30% from a year earlier, according to a report by brokerage Cushman & Wakefield, reports Bloomberg.
Madison Avenue saw a 14% drop and the drop was 18% in Soho. Hearld Square, where the flagship Macy's store is located, is seeing declines of 21% in retail rents.
The same is occurring across the country from Michigan Ave. in Chicago to the San Francisco shopping district. Many spaces stand empty.
With the erratic unscientific lockdowns continuing across the country and fearmongering by government officials and mainstream media at a fever pace, it is unclear when the shopping districts will return to normal, especially with the potential for more riots lurking in the background.
This is what blunt instrument central planning does. It is only a teaser of what will happen if the "social democrats," that is central planning power freaks, gain more control at city, state and federal levels. Destruction is their game. I repeat, this is only a teaser.