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Man-leggings lovers will have a spot all to themselves now, thanks to Lululemon. The Real Deal reports that the activewear brand has signed leases for two stores on adjacent corners of Prince and Wooster Streets in Soho—a women's store at 125 Prince Street (currently home to Camper), and their first-ever men's store at 127 Prince Street.
Lululemon already has a store in the neighborhood at 481 Broadway, but that will be closing so that the brand can focus on this location, CEO Laurent Potdevin said on a recent earnings call. "This will provide unique experiences for both men and women in spaces that are designed uniquely for their needs," he added.
Camper will be leaving 125 Prince Street when its 15-year lease expires at the end of October. 127 Prince Street, the former home of Lucky Brand and future home of the men's store, should open in "late 2014."
"Lululemon made a brilliant move by seizing an opportunity to control two adjacent corners on Prince Street," Aurora Capital Associates vice president Jared Epstein, who has substantial knowledge of the Soho retail real estate market, told TRD.
"125 [Prince] and 127 Prince are both high-profile, highly trafficked corner sites on perhaps the most sought-after retail corridor in Soho for fashion tenants," added Robin Abrams of Lansco. Thus, Lululemon paid accordingly.
While official details were not disclosed, rents for the men's store at 125 Prince Street were like $800—$900 per square foot, according to sources, while 127 Prince could be as high as $1,000 per square foot.
· Lululemon Inks Two Corner Deals in Soho [TRD]
· Lululemon Finds Most Handsomest Man for New Men's Editorial [Racked]
· Lululemon's New Men's Stores Are Going To Be a Tough Sell [Racked]