Home Depot and Apple are dropping plans for two big Manhattan stores. The Slatin Report offers the insider's view on the deals.
"After months of hand-wringing over costs and benefits, Home Depot has shut the door on lower Manhattan. Late last week, the company quietly killed its year-old plans to open a store that would have significantly changed the retail landscape at the convergence of the burgeoning SoHo and Tribeca neighborhoods."
"[R]eal estate sources say that, from the start, Apple had doubts about the compatibility of its leading-edge image with that of middle-America 34th Street, at least as it currently stands. While strong retailers like Gap, American Eagle and Forever 21 are happily ensconced along the block, "unfortunately, a lot of the old 34th Street – third-rate tourist merchants and rip-off artists" still remain, says one long-timre retail broker."