Don't Believe the Hype, Bradlees' Fall Just Means More Retail Space on the Block

NEW YORK CITY-Reports speculating that the recent demise of Bradlees is going to result in their space at East 14th Street reverting to office use are just that. Another rumor circulated when published reports speculated discount chains such as K-Mart, Wal-Mart and Target, would take over the soon-to-be vacated Bradlees space, but that is also not in the cards for this site’s future. According to Faith Hope Consolo, vice chairman of Garrick-Aug Worldwide, Swedish retailer H&M have inked a deal for the spot, a location she calls, “probably one of the hottest locations out there.”

H&M walked onto the scene here in Spring of 2000 with a store at Fifth Avenue and 51st Street and the rest is history. They provide cost-effective, fashion-conscious clothes that the public is eating up. The store on Fifth is said to bring in $5,000 psf in profits, which isn’t too shabby considering they have 36,000 sf. All of this success led this Euro-invader to expand to Herald Square and 34th Street and now they’re primed to take the Bradlees location as well.

This retailer’s expansion isn’t the only success story coming out of Bradlees’ fallout. “The fact that H&M is going to 14th Street is a signal of a very positive change,” believes Consolo. “There hasn’t been an important fashion apparel store that has come to that location in a decade and this move will really change the whole complexion of that street.”

Also, in reference to the Bradlees on Staten Island, Consolo says Target is on tap to grab that space. As retail insiders know well, Target has been on the prowl to make their move into the scene here for some time now. This recent closing gives them a prime location in the place everyone wants to be, the Big Apple.

And for those ready to scream that the exiting of Bradlees is a signal of the end of the city’s booming retail market, a second look is worth taking. “This development is just a function of Bradlees’ operation,” Consolo emphatically states. “They were in bankruptcy twice and they just couldn’t hold it together. This isn’t a new game for them, they just haven’t been able to adapt to a changing retail climate.”

Anthony Garritano is the assistant editor of Real Estate New York and Real Estate New Jersey.