December 22, 2007
Virgin Megastore to Leave New York?
Word on the street is that Union Square's mammoth Virgin Megastore is closing up shop sometime between now and February 2009. Billboard reports the space is "being offered by a real estate broker for 2009 availability. According to retail sources, New York-based Winick Realty is shopping the space and has sent out packages highlighting its features."
The 58,000 square-foot space is being offered together or subdivided and may become another retail space or (wait for it) luxury condos! The NY Sun has more info on the high rent potential. Currently Virgin pays around $100 per square foot, but future "retailers are expected to pay as much as $750 to $1,000 a square foot."
There is no word yet on if Virgin will open a new Megastore somewhere else in town, but the NY Post recently reported that the Times Square location may also be in trouble, saying, "Industry watchers say the sale would allow Related and Vornado - which are already Virgin's landlords at their Union Square and Times Square stores, respectively - to close the two stores where Virgin has long-term leases well below market rates." Looks like billionaire Branson's retail outlet isn't faring so well on the West Coast either.
Photo via MyMemoryIsBadSoINe edPicturesToJogIt's Flickr.
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Charging $15-20 for a CD is a rip-off. Good riddance to virgin megastore.
People still buy CDs?
This would be a shame: Virgin is really the best selection of CD's at the most respectable prices.
Unless of course you want to buy the flavor of the week. Then, you deserve to pay the 18 dollar for having bad music taste.
why must virgin charge full retail price for their cd's and most everything else? when there is a sale it's on weird label cd's like the best of 20th century rock and roll collection.
no wonder virgin was still open. 100 dollars a square foot is peanuts. I mean I love virgin megastore as a gathering place to listen to cd samples but I never bought a single cd or dvd there at msrp prices. I guess barnes at 17th street will be the last megastore open for hipsters. tower gone and virgin, man.
People still buy CDs?
What's a CD?
I lament its loss as well as the Barnes and Noble at 6th and 22nd. I like the big box concept where you can find pretty much anything.
I don't buy as many CDs as I used to but still get them. I haven't been able to use the IStore since I tried to install Tiger and my g3 wouldn't fully accept it. That problem won't be resolved till I get a new Apple next year.
www.forgotten-ny.com
And I thought only the B&N near Astor Pl is closing - what's going on?
I'm not surprised. Even "older" people are downloading music while they continue to charge close to $20 for a CD. It's not the 90s anymore. I bought one CD this year and the only reason I bought it was for the artwork. I paid 10 bucks for it at Best Buy.
I really miss Tower Records, which was a chain, but each store had its individual quirks and local flavor. Virgin is just blah. Still it is sad to see someplace where you have the option of buying it in person close.
Good riddance, I hate this Virgin store. Check out their bathroom policy sign, toilet nazis.
How about a Duane Reade?
i dont get this at all. virgin is usually so packed you cant even breath.
Agreed! Both Virgin stores are usually packed with regular lines as well... While I do download the majority of my music, the items that aren't as available on the net,I've often found at Virgin for reasonable prices. I also like that they have design books and a decent magazine selection.
If another luxury condo goes up there, I'm definitely going to take a piss on it when it opens.
With the retail space expected to fetch over $1000/sq ft, I would think that only the likes of a Wal-Mart or Home Depot would consider a move here.