Coach signs lease for flagship store at 685 Fifth Avenue
Coach Inc. leased space at Manhattan’s 685 Fifth Ave. that will serve as a flagship store for the luxury-handbag maker, landlord General Growth Properties Inc. said Tuesday.
Coach will have about 23,400 square feet (2,200 square meters) at the property, General Growth said on its quarterly earnings conference call. The Chicago-based company, the second-largest U.S. mall owner, owns the property with Joseph Sitt’s closely held Thor Equities LLC.
After years of losing ground, Coach is winning back customers with new designs and updated stores. The retailer had suffered from increased competition from designers like Kate Spade & Co. and Michael Kors Holdings Ltd. The improvements have allowed Coach to reduce its dependence on discounts, which hurt profit margins. The company last week announced earnings that exceed analysts’ estimates and raised its full-year outlook.
General Growth and Thor paid $460 million in 2014 for the 140,000-square-foot building at Fifth Avenue and 54th Street, according to data from Real Capital Analytics Inc.