Worrisome trend for retail
Convene is taking over the shuttered Saks Fifth Avenue women’s store at the Brookfield Place Mall. The flexible meeting, events, and working provider inked a 10-year lease for 73,000 square feet over three levels of the retail courtyard at 230 Vesey Street. The event venue will have two large rooms that can seat up to 500 people each, several smaller rooms for meetings, and a retail café, as reported by Bloomberg.
Be Smart: This means that about a quarter of the 300,000-square-foot mall will no longer be used for retail. Should be interesting to see what ultimately happens with the 1 million-square-foot retail and restaurant complex at Hudson Yards.
Worth Noting: Saks continues to occupy a much smaller space (16,700 SF) for its men’s store in the mall.