Retail insiders and consumers have been mulling the future of the space since FAO Schwarz vacated the iconic location last year. The space is in a high-traffic area, steps away from the Apple store on Fifth Avenue and across the street from Central Park.
“I’m incredibly excited to announce today the newest location,” said Under Armour Chairman and CEO Kevin Plank in a conference call on Tuesday. “The approximately 53,000-sq.-ft. space is one of the most-recognized and high-traffic areas in all of New York. Our plan is to build the most breathtaking and exciting consumer experience ever conceived at retail.”
The company could move into the space as soon as 2018.
Meanwhile, Under Armour also said Tuesday it had inked a new deal with Kohl’s. The brand will now be distributed in 1,100 Kohl’s stores globally. It’s a major move for the brand, which has concentrated on building its distribution on upper-tier retailers since its inception two decades ago.
“We’ve been incredibly prudent with the way we rolled out our distribution,” Plank said during the call. “It’s been thoughtful, patient — it’s been 20 years in the making. I want everyone to know that there’s nothing reactionary about Kohl‘s. This was a proactive move for us, in the works for the last several years.”