Nestled on Madison Avenue just out of view from Chanel and hardly 100 yards in front of the tallest residential building in the world is Rebag’s modest second New York store. The luxury handbag resale company opened the space in April — a feat that would not have been possible two years ago, when the neighbourhood's rents were near record highs. On a Tuesday afternoon, the store is well-populated with teenage tourists ogling rows of Chanel Double Flaps and Midtown office workers in kitten heels rapt before a wall adorned with Birkin bags in every colour of the rainbow. Many of the brands on display can be bought new just a block away on Fifth Avenue, where Louis Vuitton, Gucci and Hermès emporiums anchor the world’s most expensive stretch of retail real estate. Four-year-old Rebag’s neighbours on Madison include Fendi and Coach — though about a fifth of the retail space in the area is empty, according to data from Cushman & Wakefield.
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