Foot Locker (NYSE:FL) has signed a 15-year lease to open a flagship store at 1460 Broadway in Times Square. The 36,000 sq. ft. retail space was rebranded 8 Times Square.
Building co-owners Himmel + Meringoff and The Swig Co. have leased all three shopping levels to the athletic wear chain, reported the New York Post. The store will open in time for the 2016 holiday season.
The retail space, plus 4,500 sq. ft. of LED exterior signage, is worth $12 million a year, although Meringoff would not reveal what Foot Locker will actually pay.
Foot Locker will close its smaller West 44th Street location, but has renewed its lease on a 34,000 sq. ft. Herald Square location on 112 W. 34th Street.
Earlier this year, the retailer announced that it would also shutter all of its Lady Foot Locker stores in the next few years as leases expire.
Expansion of the core brand is on the horizon for Foot Locker as the chain reported a stellar end to 2014 with net income up 21 percent from last year, amounting to an increase of $24 million in year-over-year revenue.
-See this New York Post article
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