Essex Street Market, New York City (2014-2017)
MVI was hired as a “Retail Public Market Expert” by the NYC Economic Development Corporation to assist with the relocation of Essex Street Market from its historic but nondescript building to a new facility across the street. Opening in 2018, the new Essex Street Market will occupy the ground floor of a 14 story building being constructed by a private developer as part of the redevelopment of nine city blocks. The City will own a condominium interest in the property and continue to operate the Market in its new, larger location.
MVI helped NYCEDC craft a mission statement and vision for Essex Street Market, provided options for ownership, sponsorship, and management, and prepared an operations manual that included detailed descriptions of all management functions.
To meet the differing needs of the Market’s vendors, MVI proposed a two zone arrangement so some vendors could remain open for additional evening hours.
MVI’s scope was expanded to help establish a merchant’s association based on national best practices.
Working closely with NYCEDC, MVI proposed a new rent structure and created an operational pro forma for the new facility. MVI negotiated lease terms with each of the Market’s 29 vendors and helped identify their stalls in the new market.