"Our market has unique items that people can't find elsewhere," observes
Henry Choi, director of public affairs at the Union Square Partnership,
which runs the neighborhood's fair with Urban Space Management.
Certain categories, such as jewelry, are especially competitive. Even
within such popular categories, organizers aim for variety, selecting
vendors with wares selling for as little as $5 and others whose offerings
cost $500 or more.
For merchants that make it, the payoff can be huge. Paul Kastner, vice
president of Jones Lang LaSalle, which manages retail space at Grand
Central, estimates that vendors there gross between $50,000 and $170,000.
He also notes that the rent there is a third less than the amount malls
usually charge for similar spaces.
The exposure that the markets offer can boost traffic at merchants'
brick-and-mortar and online shops as well.
"It's the most important thing I do all year," says Laura Graham, a
Grand Central veteran, who sells her photographs incorporated into products
including ornaments and journals. She says that commissions generated
at the holiday market keep her busy for weeks afterward.
Testing the waters
The fairs also can serve as valuable market research tools.
"They're great places for us to really get an honest opinion about
our products, see how a product is going to do and see if we're on target
with our price points," says Mr. Veasey of Our Name Is Mud, whose company
wholesales across the country and operates four retail stores in New
York, including one in Grand Central.
Among those making a return appearance at Union Square this year: NYC
Cookies' Mr. Giugliano, who hopes to do even better this time around.
