Saks Fifth Avenue owner developing luxury hotel, apartments in former department stores

In the mid-twentieth century, developers might have taken on shoeshines and newspaper stands as amenity-oriented tenants. Today, they are more likely to seek out gourmet coffee shops, bookstores, restaurants, and cafés. It isn’t unusual for developers to offer such tenants leases with reduced rent, or no rent at all. In some cases, the tenants pay ... See more

Instead of setting up shop in malls, brands are increasingly entering cool neighborhoods and renting storefronts next to the places where people work, eat, and seek out entertainment. Retail in “town center”-type locations is strong; according to Public Square, occupancy rates in those areas average around 95%.

That said, Soho House is not just a party palace. It’s an upscale archipelago, a hotel chain, a snug garrison for a pampered urban elite, a restaurant group, a digital play, a celebrity refuge, a coworking juggernaut, a royal love nest, a lifestyle brand, an elitist throwback, a gated community, and a state of mind.