Faced with retail vacancy, Soho landlord bets on revenue sharing and startups Startup Collab rents out shelves to online brands for between $1,500 and $2,500 a month
The Collab space at 433 Broadway and Abdul Thunayan (Credit: LinkedIn)
The first newly constructed retail space in Soho’s Broadway in about a decade hit the leasing market in January 2015, when the market was still sizzling. But almost three years later, 433 Broadway still hasn’t found a long-term tenant. So the landlord, Omari Properties, went with an unusual Plan B.
Last month Collab, a store that allows online brands to showcase their goods in exchange for a fee, opened in about 2,000 square feet and is set to expand to 6,000 square feet at the property, which also holds co-working spaces on the upper floors.
Like pop-up stores, Collab can open its doors and shut down in a matter of weeks with minimal buildout. But while popup stores typically showcase a single company’s products, Collab showcases dozens.
The startup approaches online brands that don’t have the means for a store but might still want to get their products in front of Soho shoppers. They can rent a small shelf or clothing rack for between $1,500 and $2,500 per month, the company’s founder Abdul Thunayan said. And unlike some c上海千花网交友