Mickey Mouse and Times Square may soon be reunited. The Walt Disney Co. is close to signing a lease in the touristy neighborhood, where one of three potential Broadway sites could emerge as the victor.
“We are targeting Times Square to open a new concept store, and feel very comfortable we will be there,” said Gary Foster, a Disney spokesman. He noted that the company hopes to have a lease signed by the end of the year and may open in summer 2010 at the earliest.
Currently, Disney operates a Manhattan store at 711 Fifth Ave., along one of the most expensive shopping corridors in the world. That lease expires in January, and sources say the brand plans to return to the bright lights of Times Square.
The difference in rent is substantial. While rents along Fifth Avenue above 49th Street are near $2,000 a square foot, prices in Times Square are much lower, averaging between $800 and $1,000 per square foot for ground floor spaces. Brokers say high foot traffic and retail tenants like toy giant Toys R Us, could add to Disney's attraction for the area. Several years ago, Disney operated a shop on West 42nd Street and Seventh Avenue.
Mr. Foster confirmed that the company has looked at the following spaces, though he would not say whether a winner had emerged.
The former Spotlight Live theater at 1604 Broadway, which has high ceilings fit for an entertainment tenant, is a prime contender for Disney's wares. However, with only 1,800 square feet on the ground floor and an additional 21,200 square feet divided among the upper levels, the space leaves little room for street-level traffic. The Sbarro's pizza outpost next door at 1606 Broadway, with nearly 3,000 square feet on the ground floor and a 4,400-square-foot lower level, could be combined with 1604 Broadway to give Disney a prime corner site, industry sources said.
Though the square footage for the former Spotlight theater check out—Disney's Fifth Avenue location has about 36,000 square feet—the West 49th Street locale is on the northern edge of the district. Were Disney to look farther south, it might consider 1515 Broadway in the heart of Times Square. The space, which MTV Studios plans to vacate at the end of the year, offers a scant 1,600 square feet on the ground floor, along with a 3,000-square-foot lower level and a large 22,600-square-foot second floor.
The third site under consideration is 1540 Broadway, the former home of Virgin Records. Though fast-fashion chain Forever 21 leased a portion of the ground floor at the address, along with the lower level, more than 4,000 square feet still remain on the ground floor, and another 10,000 square feet are up for grabs on the third and fourth floors.
One vacant address not in the running is 215-219 W. 42nd Street, where urban-wear designer Marc Ecko abandoned plans for a 30,000-square-foot flagship location earlier this year. Though that former theater has 60-foot ceilings that would be appropriate for Disney's new retail approach, which will include theme park activities rather than just merchandise, Mr. Foster said the company is primarily interested in being on Broadway.
“Our hope for Times Square is that if a national retailer comes here, they do something really distinctive and exciting, and it looks like that's what Disney is thinking of doing,” said Tim Tompkins, president of the Times Square Alliance.
Persoonlijk hoop ik op Times Square...
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