Canadian women’s fashion brand Aritzia is finding it irresistible to expand in New York City.
The company signed a 15,000-square-foot lease to open a two-floor store at 115 Fifth Avenue in the Flatiron DIstrict, the Commercial Observer reported. Terms of the deal at the Winter Organization’s property were not disclosed.
The space will combine the footprint of a former Victoria’s Secret and a space leased by Madewell. It’s not clear when Aritzia will be opening its latest Big Apple outpost.
Newmark’s Ariel Schuster and Jason Wecker represented Aritzia in the deal. Schuster also had a hand in representing the Winter Organization, as did Newmark’s Jackie Totolo.
The fashion retailer has a handful of locations in the city and has been poised to grow. In 2020, the company signed a 30,000-square-foot lease at 560 Broadway, replacing Dean & Deluca at the Soho outpost. The site is home to an Aritzia Super World location.
The company also recently signed a deal to move its Fifth Avenue flagship from 600 Fifth Avenue to 608 Fifth Avenue. The relocation comes with a major expansion, as Aritizia is growing its flagship from 13,000 square feet to 33,000 square feet.
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The city’s retail market is showing small signs of recovery as it tries to successfully emerge from the pandemic. In March, the city’s average asking rent increased 2.9 percent year over year, according to a quarterly report from Marcus & Millichap.
The average asking rent was only a few pennies shy of $58 per square foot. That figure is projected to increase to $58.45 per square foot by the end of the year, which would be the best mark in the city since 2019.
Aritzia also recently signed a 46,000-square-foot lease at the former Gap building on North Michigan Avenue in Chicago. The lease was the largest for the city’s Magnificent Mile since 2015.
The company is also reportedly eyeing a new store in San Antonio to open later this year.
— Holden Walter-Warner