Testing ground is on Bleecker Street
With an increasing number of retail vacancies, Brookfield continues to bet against the struggling market. The company plans to test a new strategy of tenanting emerging online brands on Bleecker Street.
Flashback: Brookfield recently acquired four retail properties on Bleecker Street for $31.5 million from New York REIT. The properties consist of seven storefronts on Bleecker and span 24,000 SF.
Strategy: The WSJ reported that the company “intends to create an incubator where emerging online brands or new retail concepts can use storefronts to test the market and experiment in the brick-and-mortar realm.” Additionally, the firm plans to bring cultural events and art installations to the vacancy-ridden street.
Takeaway: Retail is not dead; rather, the traditional model must be tweaked to conform to our zeitgeist. Adapt or Die!