14B — November 23 - December 13, 2018 — New York Deal Making — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
By Faith Hope Consolo, Douglas Elliman Real Estate In-store experiences on the rise N ew Y ork D eal M aking
E
xperiential retail is on the rise and New York City is a hotbed for this
paign – new stores, art in- stallations and cultural pro- gramming – is brilliant. Set to revitalize the West Vil- lage’s picturesque Bleecker St., the initiative will run for a year; currently 350 Bleecker is Slightly Alabama, a masculine concept shop of American-made leather goods with a hidden lounge hosting regular music programming curated with Rolling Stone magazine and art installation by artist Chel- sea Hrynick Browne. Number 367-369 is Prabal Gurung with design installation by Edward Ross. 382 Bleecker is Skylight Studios’ rotating gallery space, which currently features walls where the public can write their own love letter to Bleecker St., the Village or the city. Finally, 384 Bleecker, on the corner of Perry St., is Bonberi, a vegan bodega that just opened and shares a space with unconven- tional flower shop Fleurotica and Signe Pierce’s incandescent neon-floral window sculptures. In SoHo, Moncler’s House of Genius has popped up at 106 Spring St. with an interactive space offering exclusive limit- ed-edition products. Premium UK fashion brand Whistles opened its first US standalone location with specially commis- sioned paintings by UK artist Rosie Tonkin at 150 Spring St. In the Flatiron District, BuzzFeed took 110 Fifth Ave., for its new store Camp, a toy store with a twist, featuring children’s’ toys and an experi- ential area designed for social media photo sharing that will change its theme throughout the year. On the Lower East Side, luxury men’s accessories brand Title of Work will open its first flagship store at 57 Orchard St. and will coexist within the space of its in-house atelier, which will give clients the op- portunity to view individual pieces being constructed in real time where production, operations, digital and retail all occur in the same location.
Perfumania is reinventing and relaunching at a pop-up space called Fragrance Destination, 542 Broadway. Online beauty brand Glossier’s second and largest permanent shop at 123 Lafayette St. offers a new layout which serves to enhance the user experience, both in the store and online; the beauty brand is implementing expe- riences such as a “wet area” where customers can test out products as they would in their own home. Fashion brand The Arrivals has launched its third annual holiday experi- ential pop-up in collaboration with tech company Dyson at 67 Greene St. for a futuristic concept store offering design- focused gifts. Home décor and furniture brand One Kings Lane has opened its flagship at 143 Spring St. (at Wooster St.) offering a range of styles and price points with access to a breadth of a curated as- sortment intended to feel like a New York apartment., Ca- shierless Amazon Go store is opening up near the World Trade Center, in Brookfield Place. It will be adjacent to the office and retail complex's 10-story glass pavilion known as the Winter Garden atrium. In the Meatpacking District, San Francisco-based grocer and self-care company Brand- less has opened a new pop-up with purpose to connect the brand more directly with its community of shoppers at 459 W 14th St. Tory Burch has cre- ated a special pop-up shop at her own store at 38-40 Little West 12th St. to benefit her namesake nonprofit, the Tory Burch Foundation to champion female entrepreneurs through initiatives centered on the success and sustainability of women-owned businesses. A photo booth with the founda- tion’s slogan, #EmbraceAmbi- tion, will have its space in the store, along with a wall that depicts a timeline titled “100 Years of Women’s Rights in the U.S.” Every apparel and
accessories purchase made at the store ahead of the campaign will see 20% of sales donated to the foundation. In the Meatpacking District, Restoration Hardware (RH) debuted their new flagship RH New York, The Gallery at the intersection of Little West 12th St., Ninth Ave. and Gansevoort St., 9 Ninth Ave., and has six floors with curated room spac- es, or vignettes dedicated to the entire RH aesthetic including RH Interiors, Modern, Out- door, Baby & Child, and Teen. There is also a demarcated interior design atelier with five glass-enclosed private work- spaces, a rooftop restaurant with outdoor terrace seating, as well as a separate barista haven. The next-generation design blurs the lines between residential and retail, indoors Algon Group specializes in securing resolutions for com- plex real estate situations. In addition to the Tradition as- signment, Algon has advised on more than $4 billion of real estate restructurings for high profile clients such as Penin- sula Papagayo Four Seasons Hotel and Resort in Costa Rica; The Related Group of Florida; Reynolds Plantation on Lake Oconee, Georgia, One Bal Harbour Resort in Miami Beach, Fl. and Agway, Inc. of Syracuse, NY. “Algon focuses on economic outcomes instead of optics,” said Paul Rubin, Algon’s man- aging director in the Philadel- phia region. “We are not con- cerned by how a solution looks. Of far greater importance is the economic impact on our clients. Our analysis begins at a strategic level, considering problems within the larger context of our client’s entire portfolio and focusing on debt and guarantees, as well as a range of critical factors. For shopping center owners who are confronting current mar- ket challenges, our approach will ultimately consider many options. This enables Algon to be more effective than the ‘one size fits all’ process that commercial brokers use to sell a troubled property. Most brokers generally don’t have the time or financial expertise to navigate complex financial problems, or the stamina for continued from page 2B
and outdoors, physical and digi- tal, making for an innovative, immersive, masterpiece that exudes a gallery-feel more than a store, pushing the boundaries of what furniture shopping can and should be. Lexus expanded its lifestyle concept by opening a store "Intersect by Lexus," a 16,500 s/f shop 412 West 14th St. This is the third lifestyle store by Lexus joining Tokyo and Dubai. Intersect has a res- taurant that features a rotating line-up of chefs, a cafe and cof- fee bar and a retail space sell- ing luxury home goods from the Crafted for Lexus collection. As a lifestyle hub, the New York location will merge innovative programming, culinary creativ- ity and masterful design for an immersive cultural experience that spans across three floors. continued in the Dec. 28 th edition of SC Algon’s clients typically in- clude high net worth individu- als or families, and institutions that are focused on financial outcomes, because they have material portions of their per- sonal net worth invested in their projects. The privately- held owners, developers, and enterprises that turn to Algon generally have a deep financial stake in seeing problems re- solved in the best possible way. “Because there are no magic bullets to resolve difficult situ- ations, shopping center owners and developers are best served by advisors who are unencum- bered by lender relationships that may compromise their objectivity and ability to get a deal done,” said Taylor. “Unlike other advisory firms, Algon doesn’t rely on the lend- ers for its client pipeline. Our independence from the invest- ment banks means that we can approach negotiations with Wall Street sophistication and street smarts, and be stronger advocates for our clients. We can get owners through bad situations because we have the expertise to develop and execute effective restructur- ing strategies, and because we are conflict-free, we don’t worry about our deal flow. We are not afraid to become adversarial with other stake- holders, if that’s what it takes to secure the best outcome for our clients.” what might be a very difficult, time consuming process.”
trend – which is becoming a mainstay – thanks to its popularity as a tourist des- tination. Af ter de - buting this S p r i n g i n Santa Moni-
Faith Hope Consolo
ca, California, the pop-up Can- dytopia is now at Penn Plaza, 145 W. 32nd St., for a limited engagement. The Instagram- quasi-amusement-park walks you through Willy Wonka-like gates, a tiny “Harry Potter”- like village and into sugar heaven, where everything is made out of candy. Highlights include a swimming pool filled with about half a million giant marshmallows; confetti that bursts out of unicorn-pig hy- brids; a candy-covered Sphinx sculpture; and candy recre- ations of such artworks as the “Mona Lisa,” Van Gogh’s “The Starry Night” and Rodin’s “The Thinker.” More exciting yummy places to pose include Jacques Torres Chocolate Choco-Story NY at 350 Hudson St.; The Egg House on the Lower East Side, 195 Chrystie St.; and the Museum of Pizza, coming this fall to 718 Broadway in NoHo. On Madison Ave., Barney’s New York, 660 Madison Ave., boasts the Image Studio, a retail experience where a na- tionally known makeup artist and a talented and creative personal shopper provide head to toe service. Wardrobes are edited and elevated, skin care is refined, and makeup perfectly paired with the new you. In Herald Square, Macy’s flagship store launched Beauty Scene: Beauty on Display, an enclosed beauty lounge on the main floor where consumers can play with and purchase products. In the West Village, Brook- field’s “Love, Bleecker,” cam-
Algon Group finds solutions for retail real estate owners . . .
Levin Management: Retailers gearing up . . . the appeal of a well-presented store environment and ‘experi- ences’ that provide education or opportunities for social interaction – simply cannot be duplicated online. This is especially true during the holidays, a festive time when people want to come together, and enjoy traditional sights and sounds.” At the same time, retailers are embracing today’s digitally focused world. Nearly 80% of LMC survey respondents are employing digital marketing tools – from email and text messaging, to SEO optimiza- tion, Google AdWords, ban- ner ads and other Internet advertising, to social media and social marketing – to reach customers. And nearly half (47.3%) have upped the amount of their tech-centered marketing this holiday season. LMC’s next Retail Sentiment surveys will be conducted in January, exploring outlooks for 2019, and inMay, exploring technology trends and mid- year sales performance. continued from page 8B
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