According to a recent report by Crain’s New York, Google Inc (NASDAQ:GOOG) is eying a 4,100 square foot space located at 131 Greens Street in New York’s hip neighborhood of SoHo. If the report is correct it will mark Google’s first foray into a permanent retail space.
Google eyes Greene Street
If the report is true, Google will join such notable retailers as Tiffany & Co. (NYSE:TIF), LVMH Moet Hennessy Louis Vuitton SA (EPA:MC) (OTCMKTS:LVMUY), Hugo Boss AG (ETR:BOSS) (FRA:BOSS), and Ralph Lauren Corp (NYSE:RL). However, the most notable tenant in the area is Apple Inc. (NASDAQ:AAPL).
Corsair Capital, the event-driven long-short equity hedge fund, gained 6.6% net during the second quarter, bringing its year-to-date performance to 17.5%. Q2 2021 hedge fund letters, conferences and more According to a copy of the hedge fund's second-quarter letter to investors, a copy of which of ValueWalk has been able to review, the largest contributor Read More
“This could do for cobblestone Greene Street what the Apple store did for Prince,” said Richard Hodos, a retail leasing broker at CBRE, referring to the Apple store on the corner of Prince and Greene streets that became a retail phenomenon in SoHo. “This is going to be an attraction that will generate excitement for Greene Street, that people will want to come and see.”
While Google Inc (NASDAQ:GOOG) has installed kiosks that trumpet its Nexus and Chromebook products in stores like Best Buy, this would be a massive step for Google and certainly has something to do with the eagerly awaited Google Glass that has captivated the tech world and its journalists. “Explorers” have had the device on their heads for some time but the device is expected to finally be released to the public later this year. Google did open an Android store in Melbourne, Australia last year so it does have some retail experience.
Google has yet to respond to numerous calls for comment on the report.
It all started with Louis Vuitton
While the report focuses on Google Inc (NASDAQ:GOOG), the real ground breaker on Green Street was Louis Vuitton, which opened its store ten years ago. Louis Vuitton has twice expanded its store and it’s rumored that it may be eying a third expansion in the near future. Owing to Vuitton’s success, Prince Street rents and shopping traffic has exploded, Google certainly wouldn’t slow this movement if the report is accurate.