NEW YORK — PPR is taking three of its brands to SoHo.
Stella McCartney, Yves Saint Laurent and Balenciaga have signed leases to open stores in SoHo. McCartney will unveil a 2,700-square-foot unit at 112 Greene Street. Balenciaga will open a 4,769-square-foot store at 148 Mercer Street and YSL will bow across the street at 149 Mercer Street in a 2,500-square-foot space.
Over the last three years, Mercer Street, anchored by the Mercer Hotel, has attracted such luxury designers as Vera Wang, Marni and Costume National. Prada has an entrance on the corner of Prince Street and Mercer Street. “YSL and Balenciaga take things to a totally different level,” said a retail real estate expert. “Between Louis Vuitton, Stella McCartney and YSL, luxury brands are creating clusters off the most heavily trafficked stretches of SoHo.”
This isn’t the first time upscale tenants have flocked to SoHo. Cartier, YSL, H.Stern and Ermenegildo Zegna all made commitments to the neighborhood in 2000 and 2001. They either occupied their spaces briefly or never moved in following Sept. 11, 2001. Before 9/11, SoHo was making inroads with Chanel, Moncler and Prada.
McCartney was a pioneer in the Meatpacking District’s gentrification. Her store was opened on 14th Street in 2002; a few years before, the area’s first retailer, Jeffrey New York, opened in 1999. Sources said McCartney’s lease is ending and likely won’t be renewed at its current rate of $50 to $100 a square foot, but rather, the market rate of $300 to $400 a square foot.
McCartney’s Greene Street rent is said to be $600,000 a year, based on a 10-year deal, sources said. An employee at the Stella McCartney store confirmed the relocation. She said the new store will sell ready-to-wear, lingerie, shoes, handbags, accessories, jewelry and kids. “We just want a different space,” she said.
Balenciaga’s lease at its existing store, 542 West 22nd Street, is reportedly nearing its end. Balenciaga’s new Mercer Street digs will be dramatic with tremendous ceiling heights, once reconfigured. According to sources, the rent is $1 million a year.
This won’t be YSL’s first brush with SoHo. YSL in 2009 unveiled a pop-up shop at 55 Great Jones Street featuring a unisex line designed by Stefano Pilati.
Jared Epstein, vice president of Aurora Capital Associates, which owns property in the Meatpacking District, said, “SoHo has about 10 times the storefronts and retail square footage of the Meatpacking District. The supply of quality vacancies at reasonable rents in SoHo far exceeds that of the Meatpacking District. We’ll see how that plays out as more Meatpacking space comes online and SoHo space is snatched up. SoHo has more foot traffic, but the Meatpacking customer spends significantly more per transaction.”
Michael O’Neill, the listing agent at Cushman & Wakefield Retail Services, for 148 Mercer Street, declined to comment. Joel Isaacs of Isaacs and Co., who reportedly represented the three brands, also declined to comment.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)