31-39 West 34th Street, where Uniqlo is expected to open a store, and 19 West 34th Street, future home for Dr. Jay’s

A lawsuit brought against the estate of Sol Goldman claiming it was seeking $7 million to approve a sublease with Japanese retailer Uniqlo on West 34th Street near Macy’s was settled last month, two sources said.

The suit was related to the expected entry of Uniqlo onto 34th Street between Fifth and Sixth avenues.

Through its parent company, Fast Retailing, Uniqlo has negotiated with El Fassi Realty to lease a portion of 31-39 West 34th Street, court records show. The retailer is expected to lease the former Ann Taylor Loft portion of the first floor, as well as the space occupied by Dr. Jay’s on the second and third floors, vacated after El Fassi paid it more than $10 million, sources said. It was unclear how much total space it involved. [more]

The Ann Taylor space at 31 West 34th Street

Retailer Ann Taylor Stores filed a $10 million lawsuit against its landlord at 31 West 34th Street, alleging that the landlord is blocking it from [more]

The Ann Taylor space at 31 West 34th Street

Retailer Ann Taylor Stores filed a $10 million lawsuit against its landlord at 31 West 34th Street, alleging that the landlord is blocking it from [more]

New Springville wins retail title with 188 chain stores

Swimming in chains in Staten Island

From the June issue: New Yorkers in a shopping mood may think of Staten Island as a blip on the road to the tax-free bargains in New Jersey’s malls, but they’re overlooking the borough’s status as the city’s chain-store champ.

The New Springville neighborhood in zip code 10314 in Staten Island won this title with an eye-popping 188 chain stores in 2009. That’s 17 percent more than the nearest competitor, the 10001 zip code in Midtown, according to a retail report by the Center for an Urban Future.

Chain stores are clustering in the 10314 zip code because it’s an enormous territory that’s home to the 1.274 million-square-foot Staten Island Mall at 2655 Richmond Avenue. The mall itself lists 189 stores — most of which are chains — on its roster.

The list includes working woman’s clothier Ann Taylor, trendy teen label American Eagle Outfitters, and department store stalwarts JCPenney and Sears. The mall stores form the epicenter of a retail network that includes plenty of smaller strip centers in the 10314 zip code. All are seeking to ring up sales from Staten Island’s half a million residents, who boast an average annual household income of $80,970.

[more]

New Springville wins retail title with 188 chain stores

Swimming in chains in Staten Island

From the June issue: New Yorkers in a shopping mood may think of Staten Island as a blip on the road to the tax-free bargains in New Jersey’s malls, but they’re overlooking the borough’s status as the city’s chain-store champ.

The New Springville neighborhood in zip code 10314 in Staten Island won this title with an eye-popping 188 chain stores in 2009. That’s 17 percent more than the nearest competitor, the 10001 zip code in Midtown, according to a retail report by the Center for an Urban Future.

Chain stores are clustering in the 10314 zip code because it’s an enormous territory that’s home to the 1.274 million-square-foot Staten Island Mall at 2655 Richmond Avenue. The mall itself lists 189 stores — most of which are chains — on its roster.

The list includes working woman’s clothier Ann Taylor, trendy teen label American Eagle Outfitters, and department store stalwarts JCPenney and Sears. The mall stores form the epicenter of a retail network that includes plenty of smaller strip centers in the 10314 zip code. All are seeking to ring up sales from Staten Island’s half a million residents, who boast an average annual household income of $80,970.

[more]

As retailers continue to struggle amid the recession, chain stores are
turning back to their leases’ fine print to find reason to ask for rent
reductions. Many retail leases include cotenancy clauses, which allow
tenants to ask for rent cuts or even to pull out without penalty if
other key tenants leave a particular shopping center. Gap,
Williams-Sonoma, and Ann Taylor are some of the stores looking to take
advantage of these clauses, the Wall Street Journal reports. Chico’s
has already saved $8.1 million by using cotenancy clauses and
negotiating for other forms of rent relief. [more]

 The former Kira Plastinina space on Broadway (left) has been rented, while the Satellite space on West Broadway (right) is on the market

Shuttered stores on Broadway and West Broadway in Soho mean very different things, retail brokers say. On Broadway, between Canal and Houston streets, most of the shuttered
stores are currently being renovated and new tenants are moving in,
while on the same stretch of five blocks on West Broadway, the closed
stores are seeing little activity. Retail brokers say Broadway has had several new deals in the past few months. In addition to Escada taking Ann Taylor’s space at 560 Broadway and Bebe leasing the former Staples space
at 488 Broadway, a Spanish apparel company recently signed to take over
Kira Plastinina’s store at 594 Broadway. And off the avenue on Prince
Street, a menswear designer just signed for a space, according to Karen
Bellantoni, an executive vice president at Robert K. Futterman & Associates. [more]