The space vacated by Filene’s Basement on 14th Street in Union Square will go to Burlington Coat Factory, Racked reported. This will be Burlington’s second Manhattan location, after an Chelsea outpost, at Sixth Avenue and 23rd Street, in addition to its stores in Brooklyn, Queens, the Bronx and Staten Island, Racked said. [more]
Posts Tagged ‘filene’s basement’
Filene’s Basement at 4 Union Square SouthSince announcing bankruptcy and the closure of all its stores last month, bargain clothing retailer Filene’s Basement has been having liquidation sales set to run through next month. Racked learned, however, that this Thursday the Union Square store, at 4 Union Square South, will be closing for good.
ABC News reported in early November that in total, 25 Syms locations and 21 Filene’s Basement stores are set to shutter, with closings occurring next month, after the liquidation. … [more]
Secaucus, N.J.-based Syms, owner of clothing retailer Filene’s Basement, may be pulling out of plans to lease 34,000 square feet at Crown Acquisitions’ 530 Fifth Avenue because of cash flow problems, Crain’s reported.
The retailer inked a deal for the space last summer, and was scheduled to open in the building, between 44th and 45th streets, this fall, alongside other newcomers like Urban Outfitters, Joe Fresh and Guess. The deal was brokered by Lansco. “It’s a large space and a challenge, but it’s a Fifth Avenue presence,” said Faith Hope Consolo, chairman of retail leasing at Prudential Douglas Elliman, who was not involved in the deal. “The corridor is ripe for discount or affordable fashion,” she noted, adding that Syms has “more headaches than you know.” … [more]
“Don’t hold your breath for a Tiffany’s unit or the next Saks Fifth Avenue” at the revamped Fulton Street Mall, Prudential Douglas Elliman retail queen Faith Hope Consolo wrote in a Brooklyn Paper op-ed today.
While the retail corridor is indeed undergoing a major transformation, “cheap chic” (see: H&M, Aeropostale and Filene’s Basement/SYMS) is what’s en vogue for Downtown Brooklyn right now, she said. “More realistically, Fulton Mall has begun to mirror such successful corridors as West 34th Street and East 14th Street/Union Square,” Consolo argued. “You could also say it’s Brooklyn’s answer to Fordham Road.” And perhaps, as new restaurants start to move in to feed hungry shoppers, “the next Smith Street.” [Brooklyn Paper]
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]
Big-box retailers Syms and Filene’s Basement have joined forces, with a new Fifth Avenue flagship store in the works combining the two brands, according to the New York Post. The store, known as fbSY, will take up an undisclosed amount of retail space on the corner of 43rd Street, and is estimated to open in the Spring. Syms purchased Filene’s last year for $55 million, after the discount retailer fell into bankruptcy. The new store will incorporate both brands’ discount angle, a Syms official said. [Post] … [more]
Even though the stock market is rising, national and local landlords are bearing the brunt of the recession, especially when the tenants are jewelry retailers. A National Jeweler article noted that the top 50 North American jewelry chains have closed 891 retail locations in 2009. Last week, the fine jewelry retailer, Finlay Enterprises and its subsidiary Finlay Fine Jewelry, filed for Chapter 11 bankruptcy. The company had 182 department store-based jewelry departments and stand-alone jewelry stores at the end of the second quarter ending August 1, including 67 Bailey Banks & Biddle, 34 Carlyle and four Congress specialty jewelry stores and 77 licensed counters with Bon Ton department stores. … [more]
Clothing retailer Tommy Hilfiger is rumored to be shopping for retail
space in Union Square and may be considering a “concept store” in the
area. He is said to have looked at the former Circuit City space and at
the Virgin Megastore’s soon-to-be-vacant space on Union Square South.
Wal-Mart, Best Buy and Nordstrom have also reportedly looked at the
storefronts, which are controlled by the Related Companies and are
being marketed by Winick Realty Group. Filene’s Basement’s bankruptcy
filing could leave another vacant store in the area. … [more]