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Retail Rents Plummet Across New York City, As America’s Shopping Districts Turn Into Ghost Towns

"In the U.S., certainly, you will see that what was once perceived as a luxury block in any major city is no longer exclusively luxury. We will see an extension of what happened in 2008 and 2009, which left American consumers shifting toward value more aggressively."

Naveen Jaggi, president of commercial real estate services firm JLL’s Retail Advisory team, in a recent interview with CNBC for its report, “Retail rents plummet across New York City, as America’s glitzy shopping districts turn into ghost towns.”