The former principals of Madison Retail Group, a retail consulting and brokerage firm, are joining Crown Acquisitions and will spearhead a new business unit called Crown Retail Services, designed to represent tenants seeking to expand their footprint in the U.S.
This story first appeared in the May 17, 2011 issue of WWD. Subscribe Today.
Crown currently represents Krizia, Breitling, Steve Madden retail, Genesco Inc., Lids, Journeys and the Yankees Clubhouse stores, among others. The Madison team, led by Virginia Pitarelli and Steve Stephanou, works with national retailers such as Kenneth Cole, Lucky Brand, Sephora, Kate and Jack Spade, Nordstrom Rack and Eileen Fisher.
Stephanou said that “blending the skill set” of the two companies will “bring tremendous added value to our retail clients” as they seek “strategic retail rollouts” around the country. Although it is New York-based, Crown Retail Services will represent retailers nationally and will focus on “sophisticated, urban high-street retail” locations. Over the years Madison Marquette has leased space on Greenwich Avenue in Connecticut, Collins Avenue in Miami, Union Square in San Francisco and other prime spots around the U.S.
Haim Chera, a principal with Crown Acquisitions, said the company will add a dimension to the “traditional tenant rep model. At the retailer’s request, Crown will deploy its own capital as a master developer and tenant rep wrapped in one. As a master developer, Crown will acquire property and provide tenant improvement capital for its clients if required.”