The Opening Ceremony Soho store at 35 Howard Street; Map data © 2020 Google
The close of the last decade also saw the demise of a few retail icons that have made New York City dear to every fashionista’s heart. If Barneys was the cutting-edge couture go-to for a well-heeled international set, Soho’s Opening Ceremony was the chic street-style crossover hit of the early 21st century. The brand, whose stores include the Howard Street flagship and an Ace Hotel outpost as well as stores in Los Angeles, London and Tokyo–announced Tuesday that it would be shutting down its retail stores this year after being acquired by the New Guards Group, a streetwear conglomerate in turn owned by online fashion platform Farfetch, The Cut reports.
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Photo by Photo by Susan Sermoneta on Flickr
The number of chain stores in New York City dropped for the second consecutive year, down 3.7 percent in 2019, according to a new report. Despite this decline in retailers, two stores continue to grow across the five boroughs: Dunkin’ and Metro by T-Mobile. The Center for an Urban Future’s annual “State of the Chains” report found that the coffee chain is the city’s largest national retailer with 636 total stores, adding 12 locations since 2018, followed by the cell phone store, formerly called MetroPCS, which operates 468 stores citywide.
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Photo via Nick Sherman’s Flickr
Brookfield Property Partners announced on Monday it has acquired seven retail storefronts across four properties in the West Village, an attempt to rescue retail in a neighborhood which has had a high rate of vacancies for years. The company hopes to attract e-commerce companies that are interested in testing out brick-and-mortar locations. The properties, found along Bleecker Street between West 10th and West 11th Streets, measure 24,000 square feet. Brookfield paid New York REIT $31.5 million to acquire the properties.
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Image: Gary Burke via flickr.
Beloved toy store FAO Schwarz has announced that it will shutter its midtown Manhattan store on July 15, citing rising rents, reports Bloomberg. Founded in 1862, the store, which is owned by toy chain Toys “R” Us, Inc., is the oldest toy store in the United States. The brand has long been known for its high-end dolls and life-sized stuffed animals and as the stuff of many a tiny tot’s fantasies.
What does the future hold for the iconic toy store?