NYC retail holds up as wellness and services lead, says TSCG's Miller

What happened

The Real Deal published an episode of its "Deconstruct" podcast on October 19, 2026, looking at the state of New York City's retail market ahead of the holiday season. Hosts Lilah Burke and Hannah Kramer spoke with Michael Miller, a senior vice president at TSCG.

Miller's overall message was that retail in the city is doing well. He said fears that brick and mortar stores would die off after the pandemic remain overstated. He also said there is no single story. Some categories and some places are doing better than others. Soho retail is in great shape, he said, while Times Square has never recovered from the slump brought on by Covid.

According to Miller, the top retail category in the city today is health and wellness, especially businesses focused on recovery, such as massage and infrared saunas. He linked this in part to the spread of GLP-1 drugs and a greater focus on personal health, and noted that Pilates studios are everywhere. Other categories doing well include beauty and personal services, supermarkets, discount clothing stores and pet businesses. Service retail is a growing emphasis overall.

The episode also noted that small retailers face rising costs, including rent, utilities, wages and inventory. The same episode covered other topics, including residential brokerage clawbacks and Ryan Serhant's entry into Chicago, a dispute between Jona Rechnitz and Josh Gotlib, and a development in the controversy surrounding Bert I. Dweck.