Times Square to lose another high-profile retail flagship

Aéropostale is closing its 19,000-sq.-ft. flagship in Manhattan’s Times Square.



The teen apparel retailer filed for Chapter 11 bankruptcy protection on May 4, saying it would close 113 stores in the United States. The Times Square store, which opened amid much hoopla in fall 2010, is located in the heart of Times Square, where retail rents now rank among the highest in the city, running as high $2,000 per square foot, according to Crain’s New York.



Industry experts say that rents have risen so high in Times Square that they are curtailing demand. Toys “R” Us shuttered its Times Square flagship at the end of the year, and while Gap Inc. has taken over some of the space, a good chunk remains available.



Also, Express, which opened a big flagship in Times Square in March 2014, is reportedly thinking about leaving and subleasing its space, Crain’s reported. The apparel chain is reputed to be paying an annual rent of $20 million or more at the location, Crain’s said.



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