Under Armour Inks Deal for NYC Retail Location
August 2, 2016
Under Armour, Baltimore, will move into the 53,000-square-foot store on Fifth Avenue in New York that was occupied by FAO Schwarz, CEO Kevin Plank said in a CNBC interview.
The move could come as soon as 2018. FAO Schwarz left the long-tenured lease in 2015 due to the lofty rent prices. Ground floor space on Fifth Avenue averages $2,980 per square foot, according to the CNBC report.
Under Armour also will partner with Kohl’s in 2017 and will directly compete with Nike, which already sells there. Under Armour product initially will launch at 600 Kohl’s locations before expanding to all 1,100. The distribution agreement figures to help ease the burden left by Sports Authority’s bankruptcy, which lowered the company’s revenue forecast by $70 million in May. — M.Q.