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Aéropostale, which filed for bankruptcy Wednesday, is closing its 19k SF flagship store at SL Green’s 1515 Broadway in Times Square.
Ground-level rents on the Times Square bowtie can go over $2k/SF.
Several direct competitors of the chain, including H&M, American Eagle Outfitters and Forever 21, have storefronts in the immediate area. A location at 472-474 Fulton St in Brooklyn is also shutting down for good, Crain's reports.
That’s on top of 113 total locations and all 41 of its outposts in Canada. The closures take effect almost immediately: tomorrow in the U.S. and Monday in Canada.
“Retailers want to be here, but you need equilibrium back," Cushman & Wakefield’s national head of retail, Gene Speigelman, tells Crain’s. He says rising rents along prime Manhattan corridors have reached the point that demand to be in those locations has been affected. [Crain’s]
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