Snipes sneaker chain plans expansion in NYC

Many retailers have struggled to survive during the pandemic, but at least one is expanding.

European sneaker chain Snipes is planning to open new stores in Brooklyn and Staten Island, Commercial Observer reported.

The company signed a lease for a 4,600-square-foot space at the Georgetown Shopping Center on Ralph Avenue in Bergen Beach.

Snipes has also leased a site at 965 Richmond Avenue in Staten Island. The asking rent for the 4,000-square-foot space was $18,000 a month.

Kassin Sabbagh Realty’s Albert Manopla, who represented the company on both deals, told CO that Snipes had experienced an uptick in sales during the pandemic after initially focusing its attention on online orders.

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The retail sector has been awash with layoffs, rent disputes and high-profile bankruptcies in the past six months, as stores struggle with the fallout from months of closures and a flagging economy.

But while new leases are rarer now than before the pandemic, they are happening.

In July, Canadian fashion brand Aritzia signed a lease to take over the former Dean and Deluca space at 560 Broadway in Soho.

The company said it planned to open up to six new stores, telling analysts in a conference call that the new leases were tied to “compelling post-Covid financial terms.”

[CO] — Sylvia Varnham O’Regan