Canadian fashion brand Aritzia has signed a 30,000-square-foot lease GFP Real Estate’s 560 Broadway in Soho, according to Forbes. The space was previously occupied by Dean & Deluca before the embattled grocer auctioned off its equipment and shut its doors last year.
- Worth Noting: Aritzia already operates a store nearby at 524 Broadway. The company initially plans to use the space for a “Super Puff” pop-up store, which refers to a line of jackets the company is well known for.
- Contrarian approach: While most retailers are trying to find ways to retreat from physical retail, Aritzia is bullish on brick-and-mortar stores. During a conference call with analysts last week, the company said it expects capital expenditures for fiscal 2021 to be about $30 million to $35 million. The firm expects to open five to six new boutiques, apart from the pop-ups, and plans to reposition three existing locations. About half of the new leases reflect “compelling post-COVID financial terms.” [Forbes]