Lease deadlines and rising rents have cut discount retailer Daffy’s out of the upper-middle-brow shopping stretch on Fifth Avenue between 14th and 23rd. And H & M will take its place.
The Fifth Avenue and 18th Street branch has shackled its windows and closed its doors with a sign that reads, “lost our lease.”
The store’s lease expires this month and with real estate prices mounting high, it simply could not afford the landlord’s new rate. Richard Kramer, Vice President, CFO of Daffy’s, explained, “In terms of the rental costs, from an economics point of view, it did not make sense to stay there.”
The New York Law Journal reported back in September that European retailer H&M will open its ninth New York City location in the 21,000-square foot space.
Next door, Intermix, a chain of high priced fashions befit for celebrity closets, mysteriously disappeared too. But that site is simply under construction, and its Michael Kors shoes have relocated to a temporary outpost one avenue east.
The move to Broadway happened in a matter of two days, where they took the place of exited housewares store Villeroy and Boch. Intermix plans to return to Fifth Avenue in about two months. Meanwhile, Daffy’s is actively looking for another Manhattan home.
– Riva Froymovich