In general, rents downtown remain below those in midtown, though this is not true in prime locations, according to David. Baldwin, president of the Charles F. Noyes Company. “Rents in top locations on Broadway are as high as $100 a square foot,” Mr. Noyes says, a figure that is surpassed perhaps by only a few locations on Fifth Avenue in the 50's.  The Nassau mall, in the view of Robin Burns, a planner/architect in the Mayor's Office of Development, represents recognition by the city that Nassau Street is “a significant retail center.” As described by Mr. Burns, the mall concept grew out of Nassau Street's having been closed to traffic during mid‐day hours because of pedestrian crowds since the late ‘60s. The mall, he says, makes “a virtue out of a necessity.”  The plan, first proposed in 1979, languished during the city's fiscal crisis. Now, with the aid of the Federal Government, which is contributing close to two‐thirds of the mall's $2.2 million estimated cost, and after major construction delays caused primarily by the cave‐in of 19th century cold storage vaults under the pavement, completion of the mall is scheduled for this coming fall.  The entire area will be covered in dark brown brick similar to that used in City Hall Plaza. New lighting will be installed, and the city hopes that street furniture and plantings will be ar ranged by a fledgling property owners association. All such property owner: will be assessed to pay for necessary mall maintenance, which will be carried out through the owners’ group.  Retailers along Nassau Street gener ally seem to be taking a wait-and-see attitude on how much the mall will benefit them. Right now they are un. happy about the delays and the impact of the construction, which has left some stores temporarily accessible only by crossing makeshift wooden bridges.  “We just don't know what will happen,” says Sion Shaby, who manages Bee Gee's Boutique, owned by his father, at 99 Nassau. “If it does any good we'll be happy. Over the summer business was very good but during‐the week, while construction was going on in front of our store, business was off 90 percent.”  Richard Ginensky, who runs Richards, one of several stamp stores at the far north end of Nassau, is even less enthusiastic.  “This is absolutely a mess,” complains Mr. Ginensky, who has been doing business downtown at various locations, for 25 years. “Besides, we don't need palm trees for people to be sitting under eating coconuts in the middle of the street. It will bring in the drug elements from City Hall Park and it certainly feeds the appetites of the landlords.”  At the other end of the mall from Mr. Ginensky is a full‐block parcel of empty land that is to be the site of new retail complex. The Federal Reserve Bank, which assembled the land but then changed its mind about building on it, is expected to name a developer within a few weeks. The bank will play no role in operations, but will retain title to the land for possible future use.  Among those in the running are the Charles F. Noyes Company, which has proposed a three‐story, $5 million structure with a sloping glass roof, and Harry Macklowe, of the Wolf and Macklowe Company. Mr. Macklowe is already involved in the area in the form of plans to build a multi‐level combined restaurant and retail operation at 38‐44 Broad Street, which is between Exchange Place and Beaver Streets.  According to Martin Tener, an associate of Mr. Macklowe, demolition of buildings on the Broad Street site is expected to begin in March, with completion scheduled for 1980.  “It took the experience of the World Trade Center to convince national chains that they could do well down here,” Mr. Tener says. “We expect to have about one‐half national chains, and restaurants the equal of those at Citicorp Center.” Mr. Tener declines to name specific prospective tenants but says inquiries have been numerous.  Certainly, the experience of the shops in’ the Trade Center has had an effect on local retailers, as shown by eopxagder's decision to locate a store there.  “Our analysis shows a large underserved market downtown,” says Robin Farkas, Alexander's senior vice president in charge areal estate and chairman of the executive committee. “The area could be a six‐day market even as it is, and if Battery Park City goes ahead it could be a six- or seven‐day market.”  About half the Trade Center stores already have Saturday hours.  Mr. Farkas estimates that store construction — there will be selling floors on both the concourse and plaza levels, plus a smaller selling balcony and administrative space — will take about nine months from the final signing date, which he expects within the next few weeks. The commitment for approximately 100,000 square feet .of retail space represents a financial commitment for Alexander's over the length of the lease in the tens of millions of dollars.  For the Trade Center, which rented out its first retail space four years ago, Alexander's represents a prize catch, the “anchor” store needed to turn the concourse into the urban shopping center envisioned by its planners.  “We think Alexander's is just right for the Trade Center,” says Stanley J. Markowitz, manager of Trade Center store rentals. “Unlike Sears and J. C. Penney's, Alexander's strength is in fashion merchandise at promotional values. Shoppers down here are no likely to be looking for items like lawn mowers which they'd have to carry home on the subway.”  With the completion of the Alexan der's deal, according to Mr. Marko witz, the 250,000 square feet of retai space in the concourse will be full} rented. Banks account for about 30,00( square feet, and food operations 01 various sorts for another 30,000. The rest is occupied by shops ranging from F.A.O. Schwarz to Lamston's.  “We wanted a number of nationall3 recognized stores like Lerner's but we also wanted to keep the flavor of down. town, so .we went after independents as well,” Mr. Markowitz says. He adds, “But don't get me wrong. We didn't turn anyone away. I can't tell you how many people we pleaded with and pursued. Now I wish I had more space.”  Prices have gone up as the Trade Center's reputation has spread. “Five years ago we were quoting average rents of $12 to $15 a square foot,” Mr. Markowitz says. “Today we can command $25.” In addition, the Trade Center takes a percentage of stores’ gross, as is done in shopping centers. Accord. ing to Mr. Markowitz, in the case of one small bookstore the total rent plus percentage is already equal to $45 a square foot, a substantial figure since off-thestreet, underground concourse space is usually much cheaper than street space.  So far, the Trade Center shopping complex has met with none of the hostility aroused by its office space, which went on the market as the bottom was falling out of real estate.  from them,” says Mr. Heller, the Nassau Street property owner. “For a while people who worked in the Trade Center were coming to us but now they have a shopping mall of their own.”  Trade Center as a giant that originally hurt, but now is helping, the neighborhood. Rather than drawing off retail business, he says, the Trade Center is stimulating business in its immediate vicinity. “The giant is finally satisfied and now he's giving a little something back,” Mr. Reilly says.  We are continually improving the quality of our text archives. Please send feedback, error reports, and suggestions to archive_feedback@nytimes.com.  A version of this archives appears in print on January 21, 1979, on page R1 of the New York edition with the headline: Downtown Finds a New Role As Retail Hub. 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Retailing in NYC's downtown financial dist appears to have shaken off effects of slump and entered period of development and expansion, with higher-grade shops joining existing base of mainly discount store operations; illus (L)