Terra Plana USA Retail Store on Crain.com
| 10th November 2009 |
Retailers seize recession-made chances
Grab larger, better-located spaces vacated by fallen rivals.
A SHOE-IN: Terra Plana's U.S. retail director, Sabra Ellingson, had her eye on a larger space for months before it opened up.
With a long-term lease about to expire, shoe seller Terra Plana began looking for larger spaces this past spring. Several of its NoLIta neighbors had already shut down as the economy slowed, and Terra Plana began eyeing nearby shops. One occupied a spot with the perfect combination of size and location.
“I kept watching that space, and as soon as it was open, I called,” says Sabra Ellingson, Terra Plana's retail director in the U.S.
In July, she signed a lease for the storefront, a 2,200-square-foot site at 254 Eliz-abeth St., just weeks after previous tenant Cadeau Maternity went bust. The location is triple the size of Terra Plana's old one, and the asking rent was $100 a square foot—half the going rate in the area a year ago.
In July, she signed a lease for the storefront, a 2,200-square-foot site at 254 Eliz-abeth St., just weeks after previous tenant Cadeau Maternity went bust. The location is triple the size of Terra Plana's old one, and the asking rent was $100 a square foot—half the going rate in the area a year ago.
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