With Bankruptcy in Rearview Mirror, Perfumania to Open Soho Pop-up
As retailers gear up for the holiday season, Perfumania has nailed down a space for a Soho pop-up, Commercial Observer has learned. It will be called Fragrance Destination.
Two days ago, Zachary Hammer, the director of real estate for Perfumania, closed a deal for 1,551 square feet on the ground floor and 1,063 below grade (for storage) at 542 Broadway. The store, at the base of the six-story residential condominium building between Spring and Prince Streets, will be open from Nov. 19 through Jan. 31.
Hammer negotiated the deal directly with the retail condo owner, the Rivington Company. The asking rent was $100,000 for the term of the deal.
“The goal of the holiday pop-up is to continue to develop the brand by reaching a high-end consumer demographic on one of New York’s most trafficked retail drags,” Hammer said.
Perfumania’s pop-up will be only a couple of blocks away from the company’s Ricky’s NYC store at 590 Broadway.
The publicly traded perfume company filed for Chapter 11 bankruptcy in August 2017 and in the 45-day period before the perfume company exited bankruptcy, Hammer renegotiated 102 leases nationwide. The company went into Chapter 11 with 227 locations. Today it has more than 150 stores.
Looking to reposition itself post-bankruptcy with higher-end concepts and an “open-sell” environment targeting millennials, Perfumania is “focusing on high-street urban areas,” Hammer previously told CO. At the end of September, Perfumania had the grand opening of the first store showcasing the new retail concept, in Denver Premium Outlets in Denver.
“The feedback has been overwhelming and we are beating sales projections—a nice breath of fresh air considering last year!” Hammer said.