Once reserved for posh boutiques and pricey stores, some of Manhattan’s most exclusive shopping districts are now seeing discount retailers, amid dropping rents and changing consumer demand, according to the New York Times. TJ Maxx and Century 21 are among the off-price brands to announce store openings in pricier neighborhoods in recent weeks — the two chains are unveiling new locations in Columbus Circle and Lincoln Square, respectively. Experts say an increased demand among buyers for low-cost goods, coupled with the recession-driven decline in retail rents, has created a golden opportunity for discount brands looking to move into Manhattan. Richard Jaffe, a managing director with research group Stifel Nicolaus, said that low-cost chains are more popular than ever. “The off-price business model works,” Jeffe said. “It is a sound, well-grounded business, and it plays an essential role in the apaprel food chain.” [NYT]
Posts Tagged ‘century 21’
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While the rough economy has taken its toll on many New York City retailers, discount chains like Century 21, T.J. Maxx and Filene’s Basement are having a field day in the post recession-era, according to Crain’s. Jason Pruger, a senior managing director at Newmark Knight Frank, said that this phenomenon can be attributed to shoppers trying to save a buck — and the subsequent changing retail landscape. “Discounters are one of the few guys left standing who are taking space,” Pruger said. “As concepts like Blockbuster and Barnes & Noble become obsolete, this new type of retailer is filling that void.” [Crain's]
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Century 21 has dumped Long Island brokerage Laffey Associates, terminating its franchise agreement and alleging in a suit that the latter owes it more than $280,000 in various fees, according to Inman News. Laffey, which had been one of Century 21′s biggest brokerages, has filed a counterclaim, arguing that Century 21 breached its contract under their original franchise agreement. The counterclaim is part of a larger class-action lawsuit against the firm and its parent company, Realogy, that includes more than 1,000 current and former members of the Century 21 franchise. Century 21, which officially terminated its agreement with Laffey Sept. 7, has denied the claims in the class-action suit. [Inman]
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The announcement that discount store Century 21 will replace Barnes & Noble at 1972 Broadway opposite Lincoln Center is bucking the trend of upscale retailers moving in on the Upper West Side, Stuart Elliott, editor-in-chief of The Real Deal, told WNYC. With rents down around 30 percent, the deal follows new retailers such as Apple, Brooks Brothers and West Elm moving into the area, he said. Elliott believes that Century 21 will be a good fit for the Upper West Side, going along with the trend of discount retailers expanding throughout the city. “People are looking for a bargain these days,” he added. The closing of the Barnes & Noble is a “casualty of the recession,” Elliott said, adding that there will likely be more Barnes & Noble closings ahead, as there have been with Starbucks and Virgin Megastore in recent years. [WNYC]
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1972 Broadway
Century 21′s deal to replace Barnes & Noble in its 61,000-square-foot Lincoln Square space — first reported yesterday by the blog My Upper West — has been signed, sealed and delivered, Cushman & Wakefield just officially announced. Barnes & Noble is planning to shut its doors at Millenium Partners’ 1972 Broadway in January. Century 21 will take over the following month in preparation for a grand opening in Fall 2011, said Cushman, which brokered the deal. Meanwhile, the move sets the stage for a discount retailer showdown on the Upper West Side, with Loehmann’s — already rumored to be in dire financial straights — vying to retain its customers at 73rd and Broadway and T.J. Maxx, which recently inked a deal for a new store at 250 West 57th Street, and now, Century 21, threatening to lure them further downtown. This morning, the Post reported that T.J. Maxx is also in talks to lease space in traditional Century 21 territory — Lower Manhattan. TRD
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T.J. Maxx appears poised to take on Century 21′s stronghold on discount retail in Lower Manhattan. According to the Post, the cheap fashion purveyor is in talks to lease space at Capstone Equities-owned 14 Wall Street. Broker Peter Ripka, of Ripco Real Estate, was mum on the deal, but T.J. Maxx usually takes between 25,000 and 30,000 square feet of space. Yesterday, news broke that competitor Century 21 would be opening a branch in the soon-to-be-ex-Barnes & Noble space near Lincoln Center, not far from where T.J. Maxx inked a deal at 250 West 57th Street earlier this year. The company, which already has an Upper West Side location at Columbus Square, is also slated to open a location at Bridgemarket, under the Queensboro Bridge. [Post]
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Discount clothing store Century 21 will replace the Lincoln Square Barnes & Noble at 1972 Broadway at 66th Street which is slated to close by the end of the year. The closing, according to the blog, My Upper West, is allegedly due to the landlords driving up rents beyond what the store can afford. Century 21 will join other chain stores in the area, such as Trader Joe’s, which is set to open Sept. 20 at a new high-rise, the Corner, at West 72nd and Broadway. [My Upper West]
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Discount clothing store Century 21 will replace the Lincoln Square Barnes & Noble at 1972 Broadway at 66th Street which is slated to close by the end of the year. The closing, according to the blog, My Upper West, is allegedly due to the landlords driving up rents beyond what the store can afford. Century 21 will join other chain stores in the area, such as Trader Joe’s, which is set to open Sept. 20 at a new high-rise, the Corner, at West 72nd and Broadway. [My Upper West]
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Discount clothing store Century 21 will replace the Lincoln Square Barnes & Noble at 1972 Broadway at 66th Street which is slated to close by the end of the year. The closing, according to the blog, My Upper West, is allegedly due to the landlords driving up rents beyond what the store can afford. Century 21 will join other chain stores in the area, such as Trader Joe’s, which is set to open Sept. 20 at a new high-rise, the Corner, at West 72nd and Broadway. [My Upper West]
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Richard Smith, CEO of Realogy
Realogy, the real estate giant that owns the Corcoran Group, Citi Habitats and Century 21, today reported a net income of $222 million for the second quarter of 2010, which it attributed to increases in home sales and prices, according to a filing with the Securities and Exchange Commission. The company, which lost $1.9 billion in 2008 and had appeared close to bankruptcy last year before raising $515 million in new loans, saw its revenue increase to $1.3 billion last quarter, up 23 percent over the same period in 2009. The gains were in large part due to an 11 percent year-over-year increase in home sales at its Realogy Franchise Group affiliate and a 16 percent increase at NRT, its brokerage unit. Home sale prices in the second quarter were also up 5 percent at RFG and 12 percent at NRT over last year. “Clearly, Realogy had a strong second quarter,” said CEO Richard Smith. “Looking forward, however, it is shaping up to be a difficult third quarter because of the expiration of the homebuyer tax credit and an uncertain near-term outlook for the economy.” TRD
