Three years after the pandemic spurred unprecedented economic challenges locally and worldwide, the Initiative is pleased to announce that retail occupancy levels in the SoHo Broadway district have finally returned to rates last seen in early 2020. At the end of the first quarter, 81% of district storefronts were occupied, up 16 percentage points from conditions during the lowest point during the pandemic (January 2021), when an occupancy rate of only 65% was observed in the district. Storefront occupancy has seen a steady improvement since that time, and we are hopeful that this positive trend will continue through upcoming quarters.
Between March and June 2023, the SoHo Broadway district saw fourteen new ground-level storefronts become occupied since the prior survey. Nine of these stores have opened to the public, including Armani Exchange, Empire Cannabis, Love, Bonito, Mangia, Pandora Jewelry, Rally Museum, Sample Sale SoHo, Sunglass Hut and The Vintage Twin. An additional five storefronts have been leased to retail businesses that are coming soon.