Times Square and the Garment Center : Rise and Decline
It would seem that the defining industry of Midtown Manhattan is Tourism ! The re-imagining and consequent reconstruction of Times Square into it's present incarnation has had a far greater influence on N.Y.C. than the obvious Disneyland gentrification of a blighted district . The degeneration of which , was so vividly portrayed by Martin Scorsese in his movie Taxi Driver . The redevelopment of Times Square as a concentrated effort began in 1980 under mayor Edward Koch . In the last days of mayor David N. Dinkins tenure Disney was able to reach an agreement for the New Amsterdam Theater . And under mayor Rudolph Giuliani the pace of law enforcement and development was accelerated . Change became possible though government intervention in the development of the district . Tax breaks were given to developers and tenants , and zoning changes allowed for higher towers .The enforcement of eminent domain and the outright condemning of groups of properties helped move the development foward . The changes had a positive result , tourism increased and so did the city's tax base . And so the stage was set for increased development beyond the scope of Times Square . The increase in tourism , of course required an increase in the number of hotel rooms available . Which is one of the factors affecting our current situation . The fashion industry is in a decline in the Garment Center and the Times Square district is expanding . As fashion related business's leave the emaciated Garment Center they are replaced by non fashion related business's ! This progression has caused us to rethink the logic of being located in the Garment District . Our original parent company has been located on west 39th. St. since 1957 . West 39th. Street was the Millinery district in the Garment Center , no longer so . So now at this point in time we have to ask "is there potential for growth based on this location" ? The answer is No , there are too many factors that make growth improbable for a small company like ours in this area . A space to relocate to is either too small , to costly , or simply not available in the area . Street level storefront space is astronomically priced , and more importantly our potential customer is not shopping in this area . It took the sale of this building and our impending displacement for us to realize that we no longer belong in the Fashion District .