News
POP TO PERMANENT
September 9, 2009
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| With plenty of retail space on the market, pop-up stores are a great way for a landlord to earn extra money—and potentially nab a long-term tenant, says Winick Realty pop-up king Adam Stupak, whom we visited in his Third Avenue office recently. Adam is exclusively representing high-end beauty spot Ricky’s in its quest for long-term and short-term locations in addition to its existing lineup of 22 stores, including temp sites for its Halloween stores from August through November. We suggest more holiday stores: Arbor Day! Presidents Day! (This is probably why we’re behind the camera.) |
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| The retailer has opened 20 temp stores throughout the NYC metro, including 34th between 8th and 9th and the newest one on 300 W. 125th in Harlem. They can be a good gauge for market conditions and demographics, and eventually turn into a long-term lease, Adam says—it’s almost a guarantee that if you do well in a pop-up store, you’ll do well in a regular store at that location. One particular surprise was a well-trafficked second-floor store on 57th Street—you learn that you can’t judge a book by its cover, he says. |
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| His advice: retailers should use one broker instead of different ones for each, and put time and effort into your search—you may wind up taking the space for longer than originally anticipated. Landlords shouldn’t be nervous if it’s a strong tenant, because the relationship could mean 10 to 15-year leases in the future. Besides working with Ricky’s, Adam is representing over 30k SF of vacant space in NYC and recently helped recycled clothier Buffalo Exchange open its second NY store at 332 E. 11th St., which is doing exceptionally well despite being on a side street, he says. |
