NEW YORK — Michael Kors has signed a 1,700-square-foot lease at Brookfield Place, formerly known as The World Financial Center, a spokeswoman for the designer said Friday.
The store will be devoted to accessories, the spokeswoman added. “They want to make it a little jewel box,” said Edward Hogan, national director of retail leasing for Brookfield Place, which is undergoing a $250 million renovation.
Brookfield Place’s retail property, which is slated to open in June 2014, will have a Fifth Avenue-like streetscape facing the 9/11 Memorial that will be several blocks long. The Westfield Group in May signed a deal with the Port Authority to develop, lease and operate 365,000 square feet of retail space at 4 World Trade Center and 3 World Trade Center, which is also under construction. Shopping is spread across three above-ground levels and two below.
“They’re to some degree vying for the same tenants right now,” said Richard Hodos, executive vice president of CBRE. “Eventually, the dust will settle and some brands will go to Brookfield and some to Westfield. Both projects will ultimately be successful.”
Brookfield is hoping that the Kors deal sets the tone for the project. Hogan said, “There’s still strong interest from every national and international retailer in what opportunities are available in lower Manhattan. Retailers always want to find like brands and adjacencies with similar quality tenants.”
Lower Manhattan’s demographics have changed favorably since 9/11. “Before 9/11, there were 30,000 residents living south of Chambers Street,” Hogan said. “That’s doubled to 60,000 residents. The average household income at Battery Park City is $140,000.”
“Michael Kors will be exposed to high-end residences and changing office demographics that are becoming more equally balanced between male and female,” said Stephen Stephanou, a principal at Crown Retail Services.
“A decade ago, stores at the World Trade Center were doing $1,000 a square foot,” Hogan added. “Our stores will average $1,900 a square foot.”
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)