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Earlier this week, we got wind that Stella McCartney will be leaving its boutique of nine years in the Meatpacking District to relocate to Soho. Today, WWD reports that YSL and Balenciaga will be joining in on the fun as well. As previously mentioned, Stella McCartney's new 2,700-square-foot digs will occupy the former home of the 112 Workshop and will open up by the end of 2011.
Neighboring YSL is only a hop, skip, and a jump away, setting up shop inside the 2,500-square-foot space at 149
Greene Mercer Street. Just around the bend at 148 Mercer Street, Korean restaurant Woo Lae Oak is out and Balenciaga is in. The brand's lease is reportedly almost up at the West 22nd Street store, so they'll be making the move downtown, nestling itself into all 4,769 square feet of the new location. (The rent for those "tremendous ceiling heights" will allegedly be $1 million per year, by the way.)
So what does it all mean? Jared Epstein, vice president of Aurora Capital Associates, who just so happens to own property in Meatpacking, tells WWD that "the supply of quality vacancies at reasonable rents in SoHo far exceeds that of the Meatpacking District. We'll see how that plays out as more Meatpacking space comes online and SoHo space is snatched up. SoHo has more foot traffic, but the Meatpacking customer spends significantly more per transaction." With additions like YSL and Balenciaga, though, we're sure those dollars per transactions will be rising down in Soho.
· Stella McCartney, Yves Saint Laurent and Balenciaga to Open in SoHo [WWD, subscription req'd]
· Stella McCartney Plans to Meatpack It In on 14th Street [Racked NY]