What: The pandemic stifled many fashion retailers, but some brands and merchants seized upon opportunities that opened up during the crisis.

Why is it important: Retailers are negotiating discounts on store lease as well as marketing support from landlords.

It’s less risky for big, long-standing retailers to open stores in the current economic climate, given their clout with landlords, their rapidly growing digital businesses that support brick-and-mortar operations, and the familiarity shoppers already have with them. Burlington Stores, Ulta Beauty, Urban Outfitters, Sephora, Athleta, Aerie, TJX Cos., Old Navy and Dollar General are among the retailers opening significant numbers of stores this year. They’re taking advantage of mall vacancies, landlords loosening up on rent and lease terms, and forecasts for the second half of 2021 that predict higher levels of shopper traffic. Malls already are seeing increased foot traffic as a result of all of those factors.

Pinko, the privately owned Italian fashion brand with about 260 freestanding stores and 1 500 shops-in-shop inside department stores around the world, opened a 5,000-square-foot in Manhattan’s SoHo district. It’s a playful, airy, three-story environment with a huge glass window for a full view into the store, exposed brick walls, open sales floors, lilac and fuchsia carpets, and an inflated purple man known as Peter Dance.

According to the company, 2020 was its first negative performance in 30 years. In 2019 Pinko generated sales of 220 million euros. “Then we obviously took a hit in 2020, but we are now aiming at 240 million euros for 2021, and we are confident we can achieve it,” said Emanuel Bianchi, Pinko’s chief marketing officer.

The Carini Group, a real estate brokerage, represented Pinko on the real estate deal. “We have negotiated lease terms for Pinko that are at a very significant discount from the overtenant’s lease, indicating continuing real estate savings opportunities for retailers planning expansions in New York City and in other major U.S. markets,” said Alex Carini, president and founder of the Carini Group. He said the yearlong agreement calls for USD 30 000 in monthly rent or 15% of sales value, whichever is greater.

In mid-March, designer Adam Lippes opened a “flagship” in Brookfield Place, the mixed-use complex for retail, dining, offices and events, situated by the Hudson River in lower Manhattan. “There was a lot of deliberation and conversations about the calculated risks,” Jeannie Yoo, the president of Adam Lippes. Yoo declined to divulge any details about the lease at Brookfield, though she did say, “It was not only about the financials. It was about the marketing support, the Brookfield name. They have a lot of experienced marketing and PR professionals.

Gene Spiegelman, vice chairman and principle of Ripko Real Estate, said that over the last year, Ripko has been in discussions with six to nine direct-to-consumer brands looking to have a brick-and-mortar location, but not ready to commit to traditional 10-year leases. More likely, they would go for three-to-five year leases with options to get out of the lease on a six-month notice, according to Spiegelman. “Some of these brands were showcased in Barneys or Saks, or hoping to be in Nordstrom,” he said.

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