Michael Kors to close on Greenwich Avenue this week
Last week’s Greenwich Sidewalk Sales acted as a close-out for luxury retailer Michael Kors, which plans to leave Greenwich Avenue by this Saturday, a store employee confirmed to Hearst Connecticut Media.
In May, the brand announced its intentions to shutter about 120 stores while renovating 100 of its remaining locations. Those slated for closure represent “unproductive and unprofitable stores,” Michael Kors CEO John Idol said in a May conference call with investment analysts.
Swarms of shoppers rummaged through Michael Kors merchandise last week at the downtown sales event. Much of the 1,600-square-foot store remains bare with only a few sale bins left.
The retailer’s lease for the storefront ends in September, according to Tom Torelli of Greenwich’s Allied Property Management. The asking price for a new tenant to take over the space is listed at $165 per square foot.
The price is above average for Greenwich Avenue. The block around Michael Kors is considered prime real estate, though it has been blemished by the departure of the Ralph Lauren store.
Michael Kors is located at 279 Greenwich Ave.
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