Crocs, the Colorado-based maker of popular, albeit peculiar, foam clogs, is set to open a new store in Manhattan, a sign that the company is rebounding from is near collapse at the beginning of the recession.
The purveyor of casual footwear is set to open a three-story 13,600-square-foot space at 152 West 34th Street. The location will be Crocs’ fourth location with stores at 270 Columbus Avenue, 89 South Street, and in Soho at 143 Spring Street.
“The space is currently home to a Tad’s Steaks, Tim Hortons Café & Bake Shop and a Pizza Hut in a three-story building in a [high]-trafficked shopping district, directly across the street from Macy’s Department Store and Penn Station.” said Dennis Riese, the president of the Riese Organization. “This location has terrific visibility, a perfect formula for retail success.”
Mark Stempel, president of CityVest Realty Corporation, represented the landlord in the transaction. Steven Greenberg of the Greenberg Corporation represented Crocs but could not discuss the deal.
The lease is set to start in spring of next year with an opening expected in the summer.
The expansion comes after several years of tumultuous sales and restructuring. The company, once on the rise with the economic boom, came crashing down in 2008 reporting nearly $200 million dollars in loss and cut over two thousand jobs. Since then, Crocs has aggressively slashed office, manufacturing, distribution centers, and nearly a third of its work force. The company has since turned around and posted one billion dollars in sales in 2011.
Crocs further celebrated its tenth anniversary earlier this year. Over 200 million pairs of shoes have been sold in more than 90 countries since its inception in 2002.