Did I hear someone say
"final NYC DS Trip"?
August 08. 2008 2:01PM
Disney to dump Fifth Avenue spot
The company cited high rent as the reason for its decision not to renew a lease at the Fifth Avenue World of Disney store, considered Disney's flagship retail spot.
By Adrianne Pasquarelli
Walt Disney Co. announced Friday that it will not renew its lease for its World of Disney store at 711 Fifth Ave. when it expires in 2010 because of hefty rent increases.
The entertainment conglomerate notified its 220 store employees, called “cast members,” Thursday and Friday that it will be leaving its current 36,000-square-foot space, Disney’s only Manhattan location.
“The Disney Stores are going to be reviewing other potential locations in the Manhattan retail market,” said spokesperson John Nicoletti.
Speculation abounds for the company’s Big Apple relocation. Some in the real estate industry expect Disney to move to an even more tourist-laden area like SoHo or Times Square. The company formerly operated a retail store on 42nd Street and Seventh Avenue, a space which has since become a Champs store.
Robin Abrams, a Lansco Corp. broker and former chairwoman of the retail committee for the Real Estate Board of New York, expects Disney to favor Times Square over SoHo.
“For the most part, [Disney’s] customers are comprised of families and kids—in SoHo, you get a lot of teens and adults who are probably not as provoked to go in and buy a Mickey Mouse shirt,” said Ms. Abrams.
Even a company of Disney’s magnitude is not immune to the current economic downturn. For the nine months ended June 28, Disney reported a 3.8% drop in net income, compared with the same period a year before. Revenue for the nine-month-period ending June 28 increased 6.8%.
Disney to dump Fifth Avenue spot - Crain's New York Business
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I can't believe the store was originally about 4 blocks from my old apartment. Man, I'd have applied for a job there in a NY minute if the store had been there in 1999. Hopefully it's just a relocation move and not a total closing. Since the store isn't moving/closing till 2010, those of you heading out to shop should be able to get in a few trips to the store.
Last edited by mini-V; 08-09-2008 at 12:04 PM.
mini-V What will you celebrate?
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Disney rocks, Walt was a genius.
That shoots down any idea of doing a shooping weekend in NYC. Thats the only store we don't have in Buffalo anymore
I'm in for a meet! Don't think we have to rush, it does say they are not renewing the lease when it expires in 2010. Think you can find a time to come down in the next 14 or so months, Kellie?
Over a year or so ago, when Children's Place owned the regular Disney Stores (World of Disney is different, and is operated by Disney Parks & Resorts), the Children's Place realized they were in trouble with the Disney Stores, and renegotiated their deal. In that renegotiated contract, there was a clause about Disney being allowed to move their NYC store. So I think they have been looking at doing this for some time.
I'd be curious to know why they made such an announcement to their CM's now. They don't just do these things randomly.
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When I went to NYC for my graduation trip last year ( six months after my first NYC trip...I'm spoiled), I made my friend, who is also a Disney nut, PROMISE to drage me out before I spent to much money. I bought three pins. Two as gifts, one for myself. That place rocks!
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The World of Disney is definitely a cool and unique store. I particularly like the third floor with all the art work and "fancier" Disney items, not to mention the Character Meet and Greets that take place there.
Interesting to see where the new store will end up and why as Pat pointed out they made the announcement so early to the workers. Hopefully it comes back bigger and even better!!
Hopefully, the new store will be bigger. Although, that still won't alleviate the crowds on a Saturday in Manhattan.
always plotting, planning, and looking forward to our next adventure...
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