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The giant pit on the Far West Side that will one day become Hudson Yards might not include a Coach office—which the complex has been billing as one of its anchor tenants—after all. Though the official website still states that the brand is coming in 2015 (while the tower won't be ready for several more years), the Post reports that due to Coach's dire financial situation, they could have to lease their space back.
Coach's move to the building has been in the works for years, but slumping sales (down 19% in North America) have already cost the company a fifth of all their stores and both of their midtown office spaces.
Which is not to say Hudson Yards will be drastically less fashionable when it opens—it'll still boast a L'Oreal office and New York's only Neiman Marcus along with over 100 other shops. It's also been floated as a possible New York Fashion Week site.
What the change might mean, however, is that the competitors Coach specifically banned from Hudson Yards as part of its anchor tenant agreement—Polo Ralph Lauren, J. Crew, and Burberry—will now be able to open offices inside the complex.
Update: A rep from developer Related Companies tells Curbed: "Coach has closed on their office space and is fully committed to moving to Hudson Yards," which means that Coach will still move to the new space, but they may not necessarily own it—there's a chance they could sell it to someone else and become a tenant.
· Coach's Financial Woes Put Hudson Yards Move at Risk [NY Post]
· Hudson Yards [Official site]
· Hudson Yards [Racked NY]