1) Interest rates go down.

2) Income through interest goes down.

3) Investors diversify into "growth" markets.

4) A publicly traded company expanding retail presence is a "growth" market.

5) Stores open to maintain "growth" at a substantial discount because of (1).

6) Publicly traded companies write down losses related to "overhead" (rent and construction) and cease to experience "growth."

7) Investors flee companies not experiencing "growth", limiting cash flow and reserves for things like salary and rent

8) Publicly traded companies close retail locations, lay off workers.

POP QUIZ: can you find the "consumer" in steps 1-8?

In some areas of Manhattan, retail rents have declined 10% to 15%. But it has come too late for many retailers.

LOL. Bitch, they signed a five year lease with two five year extensions at whatever prices were two years ago. They're stuck with that price for another three years minimum. And that PSF is a jaw-dropping $326 NNN. In English, your 1000 sqft storefront in Manhattan costs $27k per month, plus property taxes, plus maintenance, plus insurance so an easy $30k a month.

That's a lot of t-shirts.