Dean & Deluca’s run in Soho came to a dreary end last year when the embattled grocer auctioned off its equipment and shut its doors for good.
But now, while many landlords are mired in rent disputes with tenants, the site at GFP Real Estate’s 560 Broadway has found a new tenant.
Canadian fashion brand Aritzia — worn by Meghan Markle and popular among Canadian teenagers — has signed a lease to take over the 30,000-square-foot space, according to broker Newmark Knight Frank.
Aritzia initially plans to use the space for a “Super Puff” pop-up store, according to Forbes, which first reported the lease. (The name refers to a line of jackets the company is well known for.) A similar concept is in the works for Los Angeles.
Founded in 1984, Vancouver-based Aritzia now has more than 95 locations in North America, including a nearby store at 524 Broadway in New York.
The retail sector has been under immense strain since the pandemic hit, with stores shuttered across the country, and scores of workers laid off or furloughed. The economic conditions have also led to a string of lawsuits over missed rent payments, and several high-profile bankruptcies.
Despite the difficult retail environment, Aritzia is reportedly planning to open up to six new boutiques, aside from the pop ups. In a conference call with analysts this week, the company said the new leases were tied to “compelling post-Covid financial terms,” according to Forbes.
Newmark’s Ben Birnbaum, Ariel Schuster and Andrew Taub represented the landlord in the deal. Schuster and Jason Wecker represented the tenant. The landlord did not respond to a request for comment.
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Write to Sylvia Varnham O’Regan at so@therealdeal.com