Dolce Vita, the footwear brand acquired by Steve Madden in 2014, has leased an entire 10,000-square-foot, four-story building at 53 Mercer Street in SoHo for a showroom, offices and 4,900-square-foot bi-level store with about 2,500 square feet on each of the ground and lower levels.According to retail brokers the level of leasing in SoHo lately has been somewhat sluggish.“It’s a fairly big deal for SoHo at the moment,” said Dan Harroch, the Thor Retail Advisors broker who represented the landlord in the Dolce Vita deal. Mark Neuman, a broker at Helmsley Spear, represented Dolce Vita.“The activity has been stagnant,” said Harroch.“Rents have softened and landlords are more receptive to lower offers. They will be more creative with concession packages. It may seem that pricing hasn’t really changed, but we are being more aggressive.“Nike was the last big deal in SoHo,” Harroch said, referring to 529 Broadway where the activewear giant a year ago leased a five-story, 52,500-square-foot building under development at 529 Broadway for a reported $1,200 per square foot.But what a difference a year makes. With about 25 vacancies on Broadway in SoHo, some landlords have shown a willingness to negotiate. Some landlords will agree to reduce asking prices by 10 percent, while others may deduct as much as 20 percent to 25 percent, depending on the owner and how leveraged the property is.However, it’s not as if there’s no movement at all in SoHo. Zadig & Voltaire is relocating to Broome Street and Marissa Webb recently opened on Grand Street near Alexander Wang.Meanwhile, Ted Baker is leaving Grand Street and setting up shop on Wooster Street.“Mercer Street has high-end and luxury brands. As you move south, the rents are lower and you have more contemporary labels,” Harroch said.Rents on Mercer Street are in the range of $450 to $600 per square foot, Harroch said. He did not disclose the rent Dolce Vita is paying, but indicated it is lower.“It’s been a challenge for many retailers to be profitable,” Harroch said.Everlane went the pop-up shop route at 65 Prince Street from June 28 to July 1. “They are trying to negotiate an option to extend the shop,” Harroch said. Leesa, an online bedding company, that wanted a physical presence so consumers could touch and feel its products, did a month lease and then extended it for three more months.“I have clients looking for 10-year leases, but they want the right to get out of it should they need to,” Harroch said. “People are looking for security more than ever.“People moving further south of spring,” Harroch said. “For some products, $450 per square foot to $600 per square foot in rent would not make sense.“There are a few tenants that are interested in SoHo and have been looking at SoHo for quite some time,” he said.“Right now people are waiting to see who is going to pull the trigger first. It’s a tenant’s market.”
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion