Canal Street primed for retail transformation
Canal Street has become synonymous with the sale of cheap, knockoff goods, jewelry and electronics.
The street bustles with tourists and locals who navigate its maze of open storefronts and street vendors.
But some retail experts predict – and hope – that an imminent shift in retail demographics will cause a new kind of bustle on Canal Street, as higher-end retailers move in.
The street touches SoHo, Tribeca, Chinatown, Little Italy, Hudson Square and the Lower East Side, and it’s something of a transportation hub, with 11 different subway lines that draw people from all over the city.
“It’s an apex for all of these neighborhoods, which makes it a natural hub to bring in new retailers,” said Melinda Miller, an associate at Winick Realty who is leading the marketing efforts at 272-274 Canal Street, a four-story property with 1,800 s/f per floor.
“Canal Street is one of those streets where you go and see the black market and it seems like it only seems natural that change will take place,” Miller said. “It only a matter of time,” she said.
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