Forever 21’s new store in the old Takashimaya space at 693 Fifth Avenue opened today, but the building’s owner, Thor Equities, has given them only a temporary six-month lease and is still looking around for other tenants. “We’re negotiating now with ten different retailers,” said Thor Equities CEO Joseph Sitt. Forever 21’s SVP, Larry Meyer, said the store is hoping they’ll win the bid: “We want to be on Fifth Avenue permanently,” he said. “We are focused on making this store work. We hope the economics work out.” Sitt estimated that Forever 21 has invested about $1 million on the six-floor, 45,000-square-foot location, which features decorations like vintage motorcycles and a conveyor belt hanging from the ceiling, despite its uncertain future.
Forever 21 Opens in Takashimaya’s Old Location on Fifth Avenue, But It May Not Be There for Long
