Madison Avenue Retail Continues Booming: 20 New Openings on Horizon

A report from the Madison Avenue Business Improvement District (BID) has revealed that twenty new businesses, running the gamut from restaurants and night clubs to art galleries, are slated to open on a stretch of Madison Avenue running from East 57th Street to East 86th Street.

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As first reported by Women’s Wear Daily, a press release issued by the BID noted that 41 shops opened up on Madison Avenue over the course of last year, with more than half of those (23) opening during the second half of the year. The retailers included luxury brands like Boucheron, Michael Kors, Todd Snyder and Giorgio Armani, while dining and nightlife establishments that opened included The Surrey Hotel and Casa Tua.

At one point, Madison Avenue had a noticeable number of vacant storefronts within the BID, due in large part to the devastating effects of the COVID-19 pandemic. But the BID’s report states that the retail corridor’s vacancy rate is down to an impressive eight percent, from just over 16 percent during the pandemic.

“The ultimate reason that stores are opening up is that there is a very strong local community that supports Madison Avenue retail,” Matthew Bauer, president of the Madison Avenue BID, said in an interview with East Side Feed Tuesday morning. “The Pandemic was very rough on retail throughout the country and certainly here on Madison Avenue. And people questioned investing in brick and mortar retail. But when it all came down to it, they wanted to be in a place where there is a very strong local market and loyal market.”

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Bauer noted that although his organization can never know exactly when a certain shop is opening, the sheer number of anticipated openings basically guarantees a consistent clip. For instance, Jones Road Beauty, at 1070 Madison Avenue (at 81st Street), opened its doors on Monday.

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That said, there are a number of highly anticipated openings set for the coming year. High fashion and leather goods designer Goyard will open up shop at 699 Madison Avenue (between East 62nd and 63rd streets) just down the road from the new Dolce & Gabbana at 695 Madison Avenue. Sotheby’s will be opening up at 945 Madison Avenue (between East 74th and 75th streets), while London-based Birley Bakery will be opening its New York outpost at 20 East 69th Street (at Madison Avenue).

In addition to the slated retail openings, Madison Avenue is also preparing to welcome a slew of jewelry brands to the neighborhood this year. Bauer noted that the area would repeat its successful Watch Week event this spring starting on May 6. Add to that other fun events, such as ‘Shop With Your Dog’ days, and an upcoming event being planned in tandem with the New York Botanical Garden, which Bauer discussed with East Side Feed.

“Madison Avenue is integrally tied to the Upper East Side, and we appreciate how there’s been a lot of care from the residents and the local institutions,” Bauer said.

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