Trinket Shop Miniso to Open 5K-SF Location at 150 Broadway
By Abigail Nehring June 4, 2024 2:33 pm
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Chinese five-and-dime retailer Miniso will open its fifth New York City location this summer at 150 Broadway in the Financial District.
Miniso signed a 10-year lease for 5,000 square feet in the storefront on the corner of Broadway and Liberty Street, according to landlord JEMB Realty.
A JEMB spokesperson said asking rent was $400 per square foot. The deal was first reported in the New York Post.
Joseph Hamway, who arranged the in-house deal for JEMB along with Jacob Jerome, said in a statement that JEMB is hoping to “curate a tenant mix that spurs additional growth” for the retail space at the base of the 23-story office building.
Activity on the Broadway retail corridor stretching from Chambers Street to the southern tip of Manhattan has been subdued compared to the city’s priciest shopping areas, according to a CBRE report. The corridor’s taking rent index — which measures how close taking rent is to asking rent — was 54 percent in the fourth quarter of 2024, lower than the overall average of 78.3 percent across the borough’s 16 prime retail areas, the report found.
And that lull has been playing out at the corner unit on the ground floor of 150 Broadway, also known as the Westinghouse Building, which has seen some turnover in recent years. The corner unit was previously occupied by Sephora until the cosmetics chain shuttered around 2016 and was replaced by souvenir shop I Love NY Gifts. But by 2021, it was vacant again.
“Miniso is a fresh, in-demand retailer who will greatly benefit from being on this intersection of Broadway and Liberty, arguably one of the best retail corners of Manhattan,” Hamway said.
The store, founded by Chinese entrepreneur Ye Guofu, sells cosmetics, stationery, toys and other home goods. It currently has locations in SoHo, Times Square, Queens and Staten Island, according to its website.
The brand launched in China 10 years ago and has since rapidly expanded, with several dozen locations now listed across the United States.
Cushman & Wakefield (CWK)’s Joanne Podell and Michael Shalom represented Miniso and did not respond to requests for comment.
Abigail Nehring can be reached at anehring@commercialobserver.com.
