Related Companies CEO Stephen Ross and the Shops at Columbus CircleTo the surprise of early critics, the Shops at Columbus Circle have been a resounding success, and now Related Companies is revamping the mall’s tenants in hopes of boosting profits, Crain’s reported.
Wary of a mall in Manhattan, some high-priced retailers shunned the mall when it launched seven years ago. But now that it has proven successful, Related is pushing some lower-revenue tenants to leave before their 10-year leases expire, in the interest of finding luxury — and higher-paying — tenants. Crain’s said over the next 18 months about a dozen new, mostly high-fashion stores, will come to the mall.
Clothing retailers Sisley, United Colors of Benetton and Face Stockholm have been replaced, and olive oil purveyor O & Co. and a J. Crew men’s store are opening in Their Place. The 25,000-square-foot space that Borders vacated this week will be split into four or five shops. Prudential Douglas Elliman retail chairman Faith Hope Consolo said she is bringing many European fashion clients to the Time Warner Center. That’s because high-fashion tenants in the mall generate $2,000 in revenue per square-foot, compared to the $1,600 Time Warner Center tenants average overall and the $1,200 national average. [Crain’s]