In the wake of a series of home-furnishings collapses (think Linens ’n Things, Bombay Company and Fortunoff), the industry’s lackluster landscape might be primed for a few up-and-coming breakaways—among them Home Sweet Home, opening its third location at 641 Sixth Avenue. Signing a three-year lease for the 1,700-square-foot midtown space, the retailer will pay rent substantially below the asking price of $100 a square foot.
As both purveyors of high-end home goods such as Williams-Sonoma and their more cost-minded cousins like Home Depot shed jobs earlier this year, the conventional wisdom was that any industry related to the housing market would suffer a rough year. But though the housing bust may have taken a hit at the “home” in home furnishing, Home Sweet Home reports steady profits, according to Crain’s. The company relies heavily on the overstock inventory of major department stores, selling merchandise at discounts tempting even to recession-minded shoppers.
The lease was brokered by Robert K. Futterman & Associates’ Brandon Eisenman and Ariel Schuster, who represented both the tenant and landlord Capital Management in the negotiations.