Looks like Trump’s victory is having a negative effect on Fifth Avenue Retailers. Though the world’s most expensive shopping street has stores paying $3000 per square foot a year for space near the Trump Tower in Manhattan, they might not be getting their money’s worth.
The tower has basically been designated by protesters as the anti-Trump ground zero. And with unhappy protesters comes heightened security, so shoppers have been reluctant to come into the area.
A manager at Lacoste tells the New York Post that sales are down roughly 20 percent compared to this time a year ago. Joey Allaham, owner of The Prime Grill and Pizza da Solo, mentioned that when security officials temporarily closed access to the building at 7:30 p.m., business went down by 50 percent.
Likewise, CNBC reports that the protests could cause trouble at Tiffany & Co. this season. Located right next to the Trump Tower, the Fifth Avenue flagship store is responsible for roughly 20 percent of Tiffany’s U.S. sales. They were also forced to cancel their annual holiday window unveiling event.
Gale Brewer, Manhattan Borough President says of her recent walk through Fifth Avenue: “It was insane. The stores were empty and the employees were peering out the window looking for customers. That never happens.”
Ultimately, the fear of a Donald Trump presidency is probably a lot more worrisome to protesters than the revenue loss of a luxury shopping area.