Asking rent in the fourth quarter of 2017 was $2,020 per square foot in Times Square, according to CBRE. Sephora and Levi’s are more than doubling the square footage they have in Times Square, signing leases for about 16,000 square feet and 17,939 square feet, respectively, reportedly paying more than $10 million in annual rent. The flagship store, with interactive features, allows visitors to use fun props while trying on glasses to encourage shoppers to social share their images.Įven retailers with an existing brick-and-mortar presence in the neighborhood are expanding. In December, trendy online eyewear brand Privé Revaux, with celebrity backers like Jamie Foxx, opened its first brick-and-mortar store in Times Square. to focus on its other brands - Old Navy and Athletica. That store opened just a month after the company announced that it would be closing 200 Gap and Banana Republic stores in the U.S. The store is “ roughly three times larger than your average Gap or Old Navy store ” and employs more than 10 times as many people, according to Gap, adding that its among the highest-volume stores in the world. ( GPS) opened a store adjacent to its sister brand Old Navy at 44th Street and Broadway in the heart of Times Square, where Toys R Us’ New York City flagship used to stand before the company filed for Chapter 11 bankruptcy two years ago. In October, right before the holiday season, Gap Inc. “You’re seeing big lease transactions in the area still occurring.” Paying top dollar for storefronts “We ended up getting 30% more rent than what we were getting from Aeropostale,” said Brett Herschenfeld, a managing director at SL Green who leads retail leasing and investment, declining to specify. Times Square billboards illuminate the area 24 hours, seven days a week. ( SLG), the retailer’s former Times Square landlord, decided to carve up the space and filled it, within a year, with three tenants: media giant Viacom ( VIA), Italian cosmetics company Keiko Milano, and Line Friends, a global brand of characters that were originally created for use as stickers for leading mobile messenger application Line. When Aeropostale filed for bankruptcy in 2016, the teen apparel retailer announced it would be closing its flagship store in Times Square. “Brands want to be seen - and this is the ultimate stage to attract attention and shoppers,” said Faith Hope Consolo, chairperson of the retail leasing, marketing and sales division at Douglas Elliman Real Estate. Those folks, almost always with a cellphone in hand, are snapping selfies and instantaneously sharing their visit on Instagram or Facebook. The neighborhood, a major tourist destination which has been dubbed the “crossroads of the world,” attracts up to 420,000 people daily, according to the Times Square Alliance, the area’s business development group. Major retailers are willing to pay top dollar to have a presence in the neighborhood just to get domestic and international exposure. that is immune to the brick-and-mortar doldrums. Times Square is one of the few places in the U.S. If you do see an ‘available for rent’ sign, there’s a good chance that a company is in the middle of negotiating with the landlord and broker to take over that space. A vacant storefront in the Times Square neighborhood of New York City is a rare sight.
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