According to WWD the foreclosures that hurt residential real estate in 2008 and 2009 are likely to take its toll in commercial real estate, including retail, this year. Italian women's sportswear company Miss Sixty is presently feeling this hardship. They have already closed two retail spaces in Dallas and Honolulu and ten of its remaining twenty U.S locations are scheduled to close. Their 13,000 square foot retail space on Melrose Avenue in Los Angeles which costs the company $50,000 a month in rent is one of the stores that will close. Hopefully Miss Sixty can turn around their financial situation and still hold a presence in the American market place.
Steven H.
Monday, April 26, 2010
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this post did not make me happy. they are one of my favorite companies and the flag ship store in the flatiron district of nyc is amazing. but, the rents are way out of proportion to the montly gross profits of the store. remember we talked about this issue in store planning. you need to make in three days within one week what your rent is for the month. if you cannot do this, you will fail.
ReplyDeletewell.... at least the woodbury commons outlet store is still open. gene d.