Retail had its reckoning. Will subleases flood the market?

When fast-fashion chain Mango agreed to sublease Ralph Lauren’s 28,000-square-foot Fifth Avenue store last November, the deal seemed like a win-win for both retailers. Mango would be able to explore the idea of having a store on one of the city’s most iconic shopping corridors, at a fraction of the cost. Ralph Lauren, meanwhile, was struggling due to the pandemic, and would have a chunk of its rent paid off. But the deal hasn’t worked