Retail landlord Jeff Sutton has tied a bow on a deal with the shoe shop Skechers to lease a prime corner on Broadway in Soho.
Sutton, president of Wharton Properties, signed a lease with the footwear firm which will take 2,300 square feet of the former Eastern Mountain Sports space at 530 Broadway on the corner of Spring Street, sources told The Real Deal.
Insiders said the rent was about $1,000 per square foot.
The location will put Skechers a short walk away from one of its major competitors. Nike is opening a store this fall across the street at 529 Broadway, a new, six-story building Sutton TRData LogoTINY co-developed with Aurora Capital Associates, Thor Equities and the Adjmi family.
In June, Skechers CEO Robert Greenberg said the company has 1,500 stores and is set to open another 500 locations worldwide through next year.
“Adidas has stores all over the world. Nike has stores all over the world,” he told Bloomberg News at the time. “The four or five major brands have stores all over the world and we’re doing the same thing.”