Scaling Down Retail Space
Before online shopping became popular and when big-box retailing was all the rage, Manhattan retail owners would spend big bucks to buy out smaller tenants and assemble large spaces for companies like Borders, Circuit City and Barnes & Noble.
Now landlords are starting to do the unthinkable: split those spaces up for smaller tenants.
Manhattan retailers are facing the same intensified pressures from Internet retailers and a slow recovery that are causing big box stores to close and shrink throughout the country. Only here, landlords are better positioned than their suburban counterparts