The problem identified by the CFO has not been resolved and is rather worsening.
Plans for reopening are flying in the face of trends away from physical stores, continued supply chain disruptions, and the slow death of department stores.Even before the pandemic, Manhattan has seen the closure of many popular stores and restaurants that couldn’t keep up with the cost of rent-especially Barneys, a luxury department store on Madison Avenue that saw it. Rent jumps from $ 16 million to $ 30 million per month In 2019.
The owner of Century 21 “because we control a particular property, we own it, so we can decide our destiny,” said Nina Kampler, a strategic advisor to retail real estate. Bernie wasn’t tied to those economics, they may still be alive. Bernie was killed by rent. “
Family real estate companies act as a backstop for these issues. Their portfolio extends from Canada to Florida and from New York to California. They also own real estate in London, but it’s clear that retail stores are the sentimental center of the Gindy family.
Century 21 was started in 1961 by the patriarch Al Gindi, the son of a Syrian Jewish immigrant.
“Our dad started this business 60 years ago. I feel obliged to maintain the legacy,” co-CEO IGGindi told Women’s Wear Daily on Thursday. The family refused to talk to the Gotamist.
The Financial District store was closed only after 9/11 when the goods were covered with ash from the Twin Towers. The family said they were then reopening as part of an effort to rebuild the city after the attack.
“Our flagship store has long been a symbol of the city’s resilience and unwavering spirit,” Raymond Jindy said in a statement this week. “But we’ve been working hard to make us a true Subway Wars.”
The company promises not to change the basic concept of high-end brands at the lowest prices.
Cynthia Ferman, who works with Philien at DSS, said the comeback would benefit shoppers.
“I think it’s important to get it back,” she said. “People have missed Century 21. When such a store returns, it will regain foot traffic.”