Why Is Half Of Greene Street Empty?

SoHo is as hot as it has ever been as a retail destination. Try making your way through the neighborhood on the weekends through the crowds of tourists, both European and American. Rents continue to soar in the neighborhood, and as soon as longtime tenants like Jerry's are pushed out, something else has moved on in.
Why, then, we have to wonder, are there so many large empty storefronts clustered together on Greene Street, specifically on the Eastern side of the blocks between Prince and Broome Street?
This week The Shophound counted no fewer than eight substantial retail spaces that were unencumbered by long-term tenants. This includes the recently vacated homes of Joseph and Hunting World and the never inhabited planned site of the Evisu boutique as well as long empty spaces like no. 76, whose last full-time tenant was the long gone Bagutta Life. Some of these spaces are regularly filled, but only with temporary tenants like pop-up stores and sample sales which are not exactly a landlord's dream come true.
There is no shortage of desirable neighbors on these blocks, including Louis Vuitton, Kirna Zabête, Jack Spade and PHI, although these stores can't be happy to be sitting amongst such an abundance of empty storefronts.
Sometimes this sort of thing will happen when landlords want to upgrade the general character of the neighborhood and let substandard leases run out, like the situation that currently exists on Eighth Street in the Village, but you could hardly elevate the caliber of retailers in SoHo any further than they already are.
So what gives? Bad real estate agents? Over-inflated rents? Radioactivity?
With all the recent activity in the area, like the openings of Muji and CB2 as well as the upcoming debut of the long-awaited Topshop, why is all this prime space in the heart of SoHo empty, and why is it all one side of the street?

Comments

[Rob]

rent is too expensive for most independent stores to shoulder. Most stores there are retail outlets of established national and international chains that make money hand over fist. Most also retail their own products which results in higher margins.

Seemingly most stores/brands that can afford to be there are already there.

I try to stay on the east side of b'way below houston. At least theres a community of small one off shops rather than just a luxury outdoor urban mall.

[MW]

The national chains don't want to pay the overpriced SoHo rents either. Look how retailers are moving south on Broadway (CB2, Madewell, Muji etc.) looking for lower prices per sq ft. The rents on Greene are too expensive and the traffic on the street is not what it used to be.

[Chris]

Most of those spaces are already leased. Give it 6 months until they are built out. The Soho market is stronger than ever.