Times Square to lose another high-profile retail flagship
Aéropostale is closing its 19,000-sq.-ft. flagship in Manhattan’s Times Square.
The teen apparel retailer filed for Chapter 11 bankruptcy protection on May 4, saying it would close 113 stores in the United States. The Times Square store, which opened amid much hoopla in fall 2010, is located in the heart of Times Square, where retail rents now rank among the highest in the city, running as high $2,000 per square foot, according to Crain’s New York.
Industry experts say that rents have risen so high in Times Square that they are curtailing demand. Toys “R” Us shuttered its Times Square flagship at the end of the year, and while Gap Inc. has taken over some of the space, a good chunk remains available.
Also, Express, which opened a big flagship in Times Square in March 2014, is reportedly thinking about leaving and subleasing its space, Crain’s reported. The apparel chain is reputed to be paying an annual rent of $20 million or more at the location, Crain’s said.
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And the winners are…
The Store of the Year, ShopWithMe (photo above), and all the other winning projects in the Retail Design Institute’s 45th annual International Store Design Competition are highlighted in this special report from Chain Store Age.
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Surprise — The Limited debuts new store brand in hot niche
The Limited has entered the fast-growing value retail sector.
Moving under the radar, The Limited has quietly debuted a new store concept, called Backroom at the Limited, in six malls across the nation.
The format offers a mix of work-to-weekend apparel, jewelry and accessories, with the merchandise made exclusively for the Backroom as well as the Limited’s outlet stores.
The first six Backroom at The Limited stores opened throughout February, with locations at Great Northern Mall, Ohio; Cottonwood Mall, New Mexico; Augusta Town Center, Georgia; Staten Island Mall, New York; Sunland Park Mall, Texas and Livingston Mall, New Jersey. Additional stores will launch throughout 2016.
The Limited is owned by Sun Capital Partners Inc., and has more than 250 locations throughout the United States.