The issues recognized by the CFO haven’t gone away and if something they’ve gotten worse.
The plan to reopen flies within the face of tendencies away from brick-and-mortar shops, the continued disruptions within the provide chain and the sluggish demise of the division retailer. Even earlier than the pandemic, Manhattan has seen the closure of many common shops and eating places that would not afford to preserve tempo with the price of hire — most notably Barney’s, the posh division retailer on Madison Avenue that noticed its hire soar from $16 million to $30 million a month in 2019.
Century 21’s homeowners “can determine their destiny because they control that particular real estate, because they own it,” Nina Kampler, a strategic advisor in retail real estate, said. “As opposed to Barney’s which actually was cannibalized by the rent structure. If Barney’s was not strangled by those economics, they might still be alive. Barney’s was killed by the rent.”
The family’s real estate company acts as a backstop for those problems. Their portfolio stretches from Canada to Florida and from New York to California. They also own property in London, but it seems clear that the retail outlet is the sentimental heart of the Gindi family.
Century 21 was started in 1961 by the family patriarch, Al Gindi, the son of Syrian Jewish immigrants.
“Our dad built this business 60 years ago. We feel obligated to keep the legacy going,” IG Gindi, co-CEO, informed Ladies’s Put on Every day on Thursday. The household declined to converse to Gothamist.
The one different time the Monetary District retailer shut down was after 9/11 when the merchandise was coated with ash from the dual towers. The household has stated they reopened then as a part of an effort to rebuild the town after the assault.
“Our flagship store has been a long-time symbol of this city’s resilience and unwavering spirit,” Raymond Gindi stated in a assertion this week. ”However just like the true New Yorkers we’re, we now have persevered.”
The corporate guarantees that it gained’t be altering its primary idea of high-end manufacturers at rock-bottom costs.
Cynthia Furman, who works with Filien at DSS, stated the comeback might be a boon for customers.
“I think it’s important for it to open back up,” she stated. “People have been missing Century 21. If a store like that comes back, it’ll bring back the foot traffic.”