Madison Avenue releases new store report for first half of 2023

Madison Avenue is undergoing a retail boom with the introduction of several new galleries, boutiques, and landmark investments, detailed by the district’s 2023 quarterly report.

From the art world to high fashion, a number of upscale storefronts have sprung up in the area, including Versace, Collezione, and the LGDR gallery. In the past month, Anne Fontaine, Lanvin, and Aesop have also unveiled new Madison Avenue locations.

“Truly historic investments on Madison Avenue headline our first half report for 2023,” said Matthew Bauer, President of the Madison Avenue Business Improvement District, in a press statement.

Coupled with the April opening of the LDGR gallery and Sotheby’s plan to make the nearby Breuer Building its global headquarters, Bauer notes that the “ascendancy of Madison Avenue as one of the world’s most significant destinations for the sale of fine art” is underway.

Madison Avenue is currently on track to become a visitor hotspot according to data by Placer.ai, which reported a 9 percent increase in foot traffic since last year—and real estate is keeping up with the interest.

25 projects are planned for the latter half of 2023, with openings from Valentino, Giorgio Armani, and Diptyque in the works. A new Nobu Hotel franchise, the Plaza Athenée, is also set to open on East 64 Street.