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Remember those heady days of May 2010 when it sounded like Swatch might move into the Takashimaya building? We were so innocent then. Turns out the company taking over the former home of the subtle, elegant Japanese department store is none other than the subtle, elegant Forever 21.
The good news is that the lease is temporary and expires after six months. Forever 21 isn't buying the building; that privilege went to Thor Equities, which is renting to them. But Forever 21 has been looking for a fifth Manhattan location for a while, so we wouldn't be surprised if it puts down roots after those six months are up. After all, as a real estate expert points out to Crain's, the building is only one block north of the Gap's flagship and rotating pop-up space on Fifth Avenue and 53rd, so that stretch of Fifth has already seen some fast-fashion success.
· Could All 20 Floors of Takashimaya Be Filled by Swatch? [Racked NY]
· Forever 21 to bow on glitzy Fifth Avenue [Crain's]
· No Takashimaya for Swatch [Racked NY]