NEW YORK — Michael Kors is joining SoHo’s ever-expanding fashion scene.
The designer will open a lifestyle store at 101 Prince Street in spring 2008 in a space that’s been occupied by Jerry’s restaurant, a fixture in the neighborhood since 1987, when SoHo was populated by art galleries rather than stores.
The Kors lifestyle concept, which was unveiled at NorthPark Center in Dallas in July, focuses on accessories. It’s augmented with apparel from the designer’s three lines: Collection, the bridge Kors Michael Kors and the better-priced Michael Michael Kors.
When Kors opens on Prince Street between Mercer and Greene Streets, it will join one of the most popular blocks in SoHo and neighbors Miu Miu, J. Crew, Apple and Intermix. “The store is wedged between Apple and the Mercer Hotel,” said a retail broker who wasn’t involved with the deal. “You can’t beat that location. Prince Street has a certain allure.”
“Clearly, SoHo is a very highly desirable neighborhood, especially that block,” a Kors spokesman said, noting the store will have about 2,000 square feet of space.
Kors and his company’s owners, Lawrence Stroll and Silas Chou, who bought the firm in 2003, hope to build a $1 billion brand with 100 lifestyle stores. So far, five units have opened, at the Westchester mall in White Plains, N.Y.; the Roosevelt Field Mall in Garden City, N.Y.; the Pier at Caesars in Atlantic City; the Town Center Mall in Boca Raton, Fla., and NorthPark Center in Dallas. Three units are scheduled to open this year, at the Aventura in Aventura, Fla.; Topanga in Canoga Park, Calif., and Houston Galleria in Houston.
The spokesman said accessories account for about 70 to 75 percent of the mix at the lifestyle units, which change their theme every six weeks. The store cross-merchandises the three Kors lines by trend rather than tier, and retail prices range from $24.50 for a tank top to $12,000 for a crocodile handbag. Michael Neumann, the architect who designed the other lifestyle stores, will create the interior of the SoHo unit.