NEW YORK — Barneys New York will open a Co-op store in South Beach, Miami, in early September, and is considering expanding the chain to 10 to 15 stores within five years, Howard Socol, chairman, chief executive and president of the retailer, said Monday.
As far as expansion, Barneys is taking it slow with Co-op, currently operating just two units, both here, on 18th Street in Chelsea and on Wooster Street in SoHo. The Co-op also operates inside Barneys’ Madison Avenue flagship occupying the seventh and eighth floors, and continuing to be among the store’s most trafficked departments.
“We are looking to open two to three of these a year, for at least the next five years, in cities like Los Angeles, in the San Francisco area and in the New York area. The Co-op is doing well,” Socol noted. He said Co-op is generating more than $700 in sales per square foot, with the unit on 18th Street running stronger than the one in SoHo. Previously, Barneys officials cited Melrose Avenue in Los Angeles, The Mall at Short Hills in New Jersey, The Westchester Mall in White Plains, N.Y., and Greenwich and Westport, Conn., as possible locations for Co-op stores.
Co-op offers a slice of what’s sold at Barneys New York and specializes in young designer brands with a hip image, like the Blue Cult, Citizens for Humanity and Rogen denim brands; and in women’s apparel, Jiwon Park, Marc by Marc Jacobs, Rozae Nicholes, Y3, Juicy Couture, Joie and DVF. Key men’s lines include Junya Watanabe, Seven, Paper, Denim & Cloth, Adriano Goldschmied, Marc by Marc Jacobs, Paul Smith, Helmut Lang, Juicy Couture and Y3.
Jeans run from $100 to $175, while sportswear is generally in the $75-to-$225 range.
The Co-op in South Beach will be at 832 Collins Avenue and will house men’s and women’s merchandise in 9,000 square feet. The 18th Street store also sells men’s and women’s, while the SoHo unit only carries women’s. Future stores will be similarly sized, around 6,000 to 10,000 square feet.
At one time, Barneys was considering also catapulting its Chelsea home department into a separate retail format, but not at the moment. “There are other Barneys concepts that could be rolled out, but our focus is on our flagships and continuing to roll out our Co-op concept,” Socol said. “Right now, you have to be focused on doing business. People get into trouble when they try to do too much.” He said the company is also conducting renovations at the Madison Avenue store and in Beverly Hills.