Next spring, when Banana Republic and Victoria's Secret open shops on New York's East 86th Street, the Upper East Side neighborhood will begin joining the retail ranks of Flatiron, SoHo, Midtown and Columbus Avenue.
Banana Republic will open an 18,000-square-foot unit, occupying a former Woolworth's, and Victoria's Secret will open a 12,500-square-foot unit, replacing a Strawberry store slated to evacuate by the beginning of next year.
Within the last year, Barnes & Noble, Circuit City, Sprint PCS and Wolf Camera have opened on the busy street. According to Robert Futterman, ceo of Robert K. Futterman & Associates LLC, East 86th Street is an ideal place for retailers due to the amount of foot traffic day and night. A central business district and residential population, a subway stop and movie theaters, will bring tremendous sales volume, he says. In addition, rent on this particular street runs at about half the price of Madison Avenue.