"With a focus on underperforming mall and high-cost locations, two store fronts in New York City have gotten the axe. For example, the Kay Jewelers at 446 Fulton Street in Brooklyn has permanently shuttered. Formerly located in Downtown Brooklyn, the high-rent, bustling retail area has seen a handful of other older and smaller jewelers shut down due to rising costs."
"Then in September, a court auctioned off the former jewelry store, located at 136 West 34th Street, after a judge hit the landlord Jenel Management with a $25 million judgement over a defaulted mortgage. With the two popular spots gone for good and hundreds of other Kay Jewelers closed in recent years, shoppers are finding it tougher to make purchases or returns at the jeweler."
Two Kay Jewelers locations in New York City have closed permanently amid foreclosure threats affecting the building owner and nearby retail properties. Signet Jewelers initiated waves of closures since 2019, planning about 400 store shutdowns globally across its Kay, Zales, and Jared brands and targeting underperforming mall and high-cost sites. The Brooklyn Fulton Street store closed permanently, and a Manhattan 34th Street location was auctioned after a judge issued a $25 million judgment against landlord Jenel Management for a defaulted mortgage. Kay Jewelers no longer maintains a standalone Manhattan store and now has only two Brooklyn locations. The closures add to retail vacancies driven by fewer commuters, reduced tourism, and online shopping.
Read at The US Sun
Unable to calculate read time
Collection
[
|
...
]