Manhattan is undergoing an unprecedented shift in its shopping scene.
Gone are the gargantuan Lord & Taylor and the Henri Bendel flagship and the Saks Fifth Avenue women’s store downtown. New arrivals are Neiman Marcus and Nordstrom.
The turnover underscores the extent of the duress that the retail industry is going through in the age of Amazon. On a net basis, the city will lose about 340,000 square feet of department stores this year—the equivalent of two Walmart Supercenters. . . . more