Asian food emporium Pearl River Mart is expanding, just two years after closing its location in Soho due to rising rents.
The store, which initially reopened in November at 395 Broadway in Tribeca, is now planning to open an additional 3,500 square-foot store in Chelsea Market at the base of 75 Ninth Avenue, according to the Wall Street Journal. It has signed a 12-year lease for the space, and company president Joanne Kwong said she plans to host events such as performances and talks at the location.
Pearl River Mart closed its Soho location at 477 Broadway in 2015 after its monthly rent of more than $100,000 was about to increase fivefold. It has become an attractive store for landlords who are searching for more unique retailers.
Although Soho’s retail rents surged between 2013 and 2014, they have struggled more as of late, dropping nearly 14 percent to $478 per square foot in the second quarter, according to Cushman and Wakefield. [WSJ] – Eddie Small