image

Donald Trump

Nike is leaving its iconic Niketown property — and the fact that Trump owns it is reportedly a factor

Nike announced it is building a new flagship store in New York’s famed 5th Ave shopping district

PUBLISHED : Thursday, 07 December, 2017, 3:19pm
UPDATED : Thursday, 07 December, 2017, 3:21pm

By Dennis Green

Niketown New York is packing it in.

Nike announced the five-floor store is closing next spring in preparation for Nike’s new store, just five blocks down 5th Ave, in 2019.

Niketown was opened as a virtual Willy Wonka of shoes, with pneumatic tubes shooting product all over the store. It’s also the Trump Organisation’s biggest tenant in a single space, with Nike leasing the 65,000 square feet of space. Forbes estimates that the propriety is worth US$235 million.

Trump also owns the Trump Tower, which is around the block with high-profile tenants like Tiffany and Gucci.

Nike’s move is likely predominately motivated by a change in its strategy, which is now focused on more experimental and modern conveniences that the ageing store could provide. While there are a lot of floors and square footage, the floors are set up in such a way that it would be difficult to reconfigure.

The space in the new Nike store “gives us more opportunities to play with new concepts than we have now,” Nike spokesperson Ilana Finley told Forbes.

Think of it more along the lines of the new Nike Soho store, which has places to run, play soccer, and even a near-half basketball court to shoot hoops.

Two anonymous Nike employees told Forbes that these space issues at Niketown were the biggest reason for the move, while the association with Trump’s brand was only “a factor, to some degree.”

See Also:
How your tax bracket could change in 2018 under Trump’s tax plan
Bitcoin just hit an all-time high — here’s how you buy and sell it
China did something unprecedented to warn the US about fighting North Korea

Read the original article at Business Insider

business-article-page