January 23, 2009

Virgin Megastore in Times Square Closing

Despite an annual profit of $6 million, the Times Square Virgin Megastore will close in April. It seems that Related and Vornado, the real estate companies that own the stores, could turn a greater profit by leasing the space to Forever 21 (Virgin pays $54 per square foot in rent while the market value for the area is $700 per square foot). No decision has yet been made over the chain's five remaining stores.

Source: Billboard.Biz

No comments:

Post a Comment

JAMMIN Updates

  • Lori Michaels signs record deal with Dream Makers/REFORM Records

Today"s Quote

ThinkExist Dynamic daily quotation