Lululemon Althletica signed a pair of leases late last month on two corners facing each other at Prince and Wooster streets in Soho. One will be the athletic apparel retailer’s first store just for men.
The men’s store will take space at 127 Prince Street, currently occupied by the Spanish shoe retailer Camper, on the east side of Wooster Street. The women’s store was signed for 125 Prince Street, on the west side of the street, which is currently home to Lucky Brand.
The Lululemon deals underscore continued leasing strength in the Soho market, where there had been resistance to high asking rents on Spring and Prince streets.
“The market is extremely inflated in Soho with rents at all-time highs,” Robin Abrams, executive vice president at the retail-focused Lansco, said. “125 [Prince] and 127 Prince are both high-profile, highly trafficked corner sites on perhaps the most sought after retail corridor in Soho for fashion tenants.” She was not involved in the lease.
Asking rents for the stretch on Spring and Prince streets are from $800 per foot to $1,200 per foot, she said. In addition, the leases reinforce a view of Soho as a kind of outdoor mall, with related stores near each other. Other brands, including Kate Spade with a Jack Spade a block away have multiple stores in Soho. But those shops are not on facing corners, and therefore not as prominent as Lululemon’s set up, insiders said. Continue reading >>