Adidas's latest play in New York City retail is its biggest yet. The Commercial Observer reports that the peddler of Stan Smiths has just taken a 15-year lease at 565 Fifth Avenue on the corner of 46th Street for a space that spans three floors and 34,000 square feet, an area that's almost twice the size of the store on the corner of Broadway and Houston Street.
A representative for real estate firm RKF confirmed to the publication that this will be the brand's "new North American flagship." This address was previously home to Build-a-Bear on the main and lower levels, and the Redken salon that occupies the second floor is in the process of moving out. An unnamed source estimates that rent here is about $1,000 per square foot, which is a lot cheaper than what it would be a few blocks north.
2015 has been a busy year for Adidas shifting its real estate across multiple boroughs: a Downtown Brooklyn store was announced earlier this year, and window coverings are up on Spring Street, where the brand plans to move after giving up its cool Soho garage. Up on Fifth Avenue, present company includes COS, & Other Stories, Urban Outfitters, and the brand new NBA Store to its south, while H&M and Topshop are just a couple blocks north. Niketown is 11 blocks up and around the corner on the ever-more-important 57th Street.