It appears as if Madison Avenue is undergoing a new shake-up. Juicy Couture executives have decided that Madison Avenue may not be the perfect location for their track suits and charm bracelets. The company is looking to sublet their Madison Avenue and 70th Street location for the remaining six years on their lease.
On other news, Eric Le-Goff, senior director of Cushman & Wakefield, tells us that Lanvin has been looking for space. We have a feeling that Juicy may be too big for Lanvin but the old YSL store on Madison and 71st Street is still empty?!
The lease Michael Kors store on Madison and 76th expires shortly?!
According to Le-Goff, we can expect to see french designer Barbara Bui, fine Italian cashmere designer Brunello Cucinelli, Loro Piana and Carolina Herrera’s lower end brand CH joining the Avenue.
“We had a purge in the past 12 to 15 months,” Le-Goff explains. “Brands that couldn’t make it or shouldn’t have been here– didn’t make it. People look for exclusivity on Madison. It’s what makes the street interesting. Juicy can easily be on Fifth Avenue. They are targeting a different customers.”
There are currently 30 spaces available on Madison, but that number is quickly declining. At the height of the market, spaces were going for over $1500/ sq. ft. but that price dipped to $600 during the real estate panic ,last year. Now, Le-Goff estimates that most deals are taking place at $700 or $800/ sq. ft.
Lets hope that luxury designers start sharing the savings with us!