Gucci renews lease in Trump Tower

Some other retailers have fled ex-president’s properties

New York /
Feb.February 24, 2021 08:50 AM
Gucci at Trump Tower (Getty)

Gucci at Trump Tower (Getty)

Some businesses have attempted to disaffiliate themselves from Former President Donald Trump. Gucci is not among them.

The luxury fashion house recently renegotiated and extended its lease at Trump Tower on Fifth Avenue, the New York Times reported, citing unnamed sources.

In exchange for extending its lease beyond 2026, the retailer received a reduction in rent.

Representatives for Gucci and the Trump Organization declined the Times’ requests for comment.

At the Trump Organization’s 6 East 57th Street, there’s a bigger issue. Tiffany, which took over Nike’s space, is planning to return next year to its Fifth Avenue flagship, which is being renovated. That leaves the Trump Organization with the difficult task of finding a tenant for the 74,000-square-foot space. Wharton Properties and SL Green Realty had taken over the lease but will not renew it.

Amid a pandemic that compounded a slump, brick-and-mortar apparel and luxury retailers are pondering the future of their costly flagships, which have often served more as advertising than as points of sale.

At the same time, a number of businesses are cutting ties with the Trump Organization, among them Cushman & Wakefield, JLL, Deutsche Bank, the Girl Scouts of Greater New York and Signature Bank. The city of New York announced it would cancel its contracts with Trump, although most were about to expire anyway.

[NYT] — Sasha Jones





    Related Articles

    arrow_forward_ios
    Make Greenland Great Again? Trump wants to buy Arctic territory
    Make Greenland Great Again? Trump wants to buy Arctic territory
    Make Greenland Great Again? Trump wants to buy Arctic territory
    Hamptons’ priciest summer rental to host MAGA extravaganza next month
    Hamptons’ priciest summer rental to host MAGA extravaganza next month
    Hamptons’ priciest summer rental to host MAGA extravaganza next month
    Donald Trump (Getty)
    Pandemic dashed one-quarter of Trump’s NYC retail tenants
    Pandemic dashed one-quarter of Trump’s NYC retail tenants
    Prosecutors probing disparities in Trump Org property valuations
    Prosecutors probing disparities in Trump Org property valuations
    Prosecutors probing disparities in Trump Org property valuations
    CVS Health shuttering almost 1,000 stores in 3-year pivot
    CVS Health shuttering almost 1,000 stores in 3-year pivot
    CVS Health shuttering almost 1,000 stores in 3-year pivot
    Planning Commission approves permanent outdoor dining sheds
    Planning Commission approves permanent outdoor dining sheds
    Planning Commission approves permanent outdoor dining sheds
    Republicans are more likely to move to blue states if there are no mask or vaccine mandates (Getty)
    Republicans game to live in blue states — unless there’s a Covid mandate
    Republicans game to live in blue states — unless there’s a Covid mandate
    Donald Trump, Trump International Hotel D.C. and CGI Merchant Group CEO Raoul Thomas (Getty, CGI)
    CGI Merchant Group to pay $375M for Trump’s DC hotel
    CGI Merchant Group to pay $375M for Trump’s DC hotel
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...