Ian Ritter is national online editor of GlobeSt.RETAIL.
CHEVY CHASE, MD-The Washington, DC area will get its first Barneys New York Co-Op store in the fall, making it the first unit for the high-end retailer in this metro market. The store is going into the Collection at Chevy Chase, a 112,000-sf, two-level group of luxury stores set to open in October.
So far this year, Barneys has opened three new Co-Ops, one each in Atlanta, Chicago and Costa Mesa, CA. The retailer currently operates seven of the units, which are smaller than its Barneys New York flagship department stores. At 11,400 sf, the Chevy Chase unit with be the largest Barneys Co-Op.
"As part of the growth strategy of the Barneys New York brand, we continue to seek opportunities to grow our Co-Op concept in the appropriate markets throughout the country," says Howard Socol, chairman and CEO of Barneys, in a statement. Other than the units it opened this year, Barneys operates Co-Ops in New York City and Miami.
The Collection at Chevy Chase is part of a mixed-use project, called Chevy Chase Center, being built by locally based Chevy Chase Land Co. Other tenants that have signed leases include Christian Dior, Louis Vuitton and Tiffany. Executives of Chevy Chase Land predict that sales per sf in the center will range from $700 to $2,500.
The other portion of Chevy Chase Center is an eight-level, 300,000-sf office building that will be leased to developer the Mills Corp. Mills, now based in Arlington, VA, will move its headquarters to the building, which the company will occupy in the spring of 2006.
Barneys was acquired last year by New York City-based Jones Apparel Co. for $400 million. In addition to the Co-Ops, Barneys operates six department stores and 11 outlet units.
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