Only 10 Years Until Lower East Side Greatness!
In case you didn't know, the Lower East Side is an increasingly popular location for merchants to set up shop. Crain's reports that high-end retailers are swarming to the area to take advantage of all the fat-walleted fauxpeople who stride its streets in search of that self-satisfying fauxhemian feeling. But not everyone is convinced.
Todd Kenig, chief executive of 20-store cosmetics chain Ricky's NYC, visited possible sites along the Bowery in early May and decided that the demographics didn't justify the $125-per-square-foot asking rents.
"The area is five years from being good and 10 from being great," Mr. Kenig says.
Or, you know, completely the opposite.
