Kenneth Cole has been the name on everyone's lips the past few days as the news has circulated that the retailer is closing its Rockefeller Center flagship in addition to eight other stores this year.
The menswear, womenswear and accessories brand, which started 29 years ago, has been struggling in recent years due to the recession and lack of sales in the contemporary market. Late last year, there were even rumors that namesake designer Kenneth Cole's younger brother, Neil, who runs Iconix Brand Group Inc., was shopping Kenneth Cole for an acquisition. A deal was never confirmed and the retailer ended up closing eight stores in 2010 as well.
Despite the key real estate, the Rockefeller Center spot has been on the market for more than two years, Crains reported. Kenneth Cole has occupied the 13,000-square-foot, bi-level space for about a decade, but since the store faces Saks which is huge, it could easily sell for over $2,000 a square foot on the ground floor, said Faith Hope Consolo, chairman of the retail division at Prudential Douglas Elliman. “It's great frontage and a dominant location,” she noted. “Anything facing Saks is also key.”
The prime Chicago location of Kenneth Cole on Michigan Avenue is also reportedly on the chopping block, along with in Tysons Corner, McLean, Va. and East 57th Street and Lexington Avenue location, also in New York.
Article Source: Crain's, TheFeast.com
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Tags: 57th Street, accessories, Alia Rajput, Chicago, Crains, flagship, Iconix Brand Group, Kenneth Cole, Lexington Avenue, menswear, Michigan Avenue, retail, retail detail, retailer, Rockefeller, Saks, stores, Tysons Center, womenswear