Retail Ride of a Lifetime | Amusing the Zillion

Posts Tagged ‘Retail Ride of a Lifetime’

Thor’s Coney Island: Candy Retailer It’Sugar to Open Surf Ave Store

Posted in Real Estate, Redevelopment, tagged Brooklyn, Coney Island, Retail, Retail Ride of a Lifetime, Thor Equities on February 13, 2013| 7 Comments »

Coming to Coney: Candy and Gift Retailer It’Sugar. This store is on Manhattan’s Upper West Side. Photo © Tricia Vita/me-myself-i via flickr

In 2011, Thor Equities put up new signage atop the blue construction fence at the corner of Surf and Stillwell Avenues, the gateway to Coney’s beach and Boardwalk amusement parks: “CONEY ISLAND – The RETAIL RIDE of a LIFETIME.” After eight years of real estate speculation and the rezoning of Coney, Thor CEO Joe Sitt’s retail ride finally begins this season. ATZ has learned exclusively from sources that candy retailer It’Sugar will be the first tenant at Thor’s new building at Surf and Stillwell. The plywood has come down from the boarded-up new building, which was completed last January, and interior construction of the corner store is underway for a May 3rd opening of It’Sugar Coney Island.

Exiting Stillwell Terminal in the new Coney Island, the first sight one sees is Thor Equities generic looking new building. January 29, 2012. Photo © Tricia Vita/me-myself-i via flickr

The Florida-based company was founded in 2006 and is “one of the largest and fastest growing specialty candy and gift retailers in the world with over 70 retail locations,” according to one of their press releases. ATZ went to the It’Sugar store on Manhattan’s Upper West Side to check it out.

The place is pink ‘n’ yellow with a sparkly garnet floor and the music is blaring. It’s impossible not to smile at the sight of a supersized, one pound pack of Reese’s peanut butter cups and a one pound Hershey’s chocolate bar paired for Valentine’s Day until you look at the price tag — $40. There’s also a kiosk of old school candy like Necco Wafers and Goo Goo Clusters, jewelry that looks like sweets, T-shirts and novelty items.

Among the candy retailer’s other locations are the Atlantic City Boardwalk, San Francisco’s Fisherman’s Wharf, the Grand Canal Shoppes at the Venetian in Las Vegas, Universal Citywalk in California and malls from Alabama to the United Arab Emirates. There are also 22 “shops in shops” in Macy’s including Herald Square and such New York City tourist destinations as Madame Tussaud’s and Radio City Music Hall.

Candy-inspired jewelry display at It’Sugar. Photo © Tricia Vita/me-myself-i via flickr

The upscale candy store will be the first sight visitors see when they exit Stillwell Terminal and will open in a Coney Island that is rapidly changing. Three national franchises– Applebee’s, Johnny Rockets and Red Mango–have signed leases for the north side of Surf Avenue, on property not owned by Thor. If you’re a regular reader of ATZ, you’ll know we’re not a fan of the plan to “revitalize” Coney Island by bringing in formula businesses and franchises. As we’ve written previously: Coney Island, the birthplace of the hot dog, the roller coaster, and the enclosed amusement park is famous for its quirky authenticity, but it’s about to look and taste more like Anyplace USA.

In Thor’s Coney Island, Discount on Retail Ride of a Lifetime

Posted in Real Estate, Redevelopment, tagged Coney Island, pop-up store, Retail Ride of a Lifetime, Stillwell Avenue, Surf Avenue, Thor Equities on December 24, 2012| 2 Comments »

View of Thor Equities Vacant Building from Stillwell Terminal in Coney Island on January 29, 2012. The building is currently boarded up with a plywood mural. Photo © Tricia Vita/me-myself-i via flickr

A press release from Thor Equities offers potential good news for Brooklyn retailers and restaurateurs who’d like to open a pop-up store or get a foot in the door of the new Coney Island: “Thor To Add Local Flavor To Coney Island By Leasing Major Surf Avenue Parcels To Local Brooklyn Merchants At Reduced Rents For 2013.” The idea is to fully lease Joe Sitt’s new building at Surf and Stillwell for the summer of 2013.

Vacant since its unveiling last January, the sterile looking building was soon boarded up with plywood. It is currently dressed up with a Funny Face mural and a sign advertising “CONEY ISLAND – The RETAIL RIDE of a LIFETIME” with a phone number to call for leasing opportunities.

New Coney Island ‘Funny Face’ Mural on Thor Equities Building at Surf and Stillwell. May 28, 2012. Photo © Tricia Vita/me-myself-i via flickr

As ATZ reported last week, Johnny Rockets, Red Mango and Applebee’s franchisees recently signed leases with property owners on the north side of Surf, where sources said the rent was one third the price of Thor’s building on the south side. How enticing is Thor’s rent reduction?

“While each location within the 15,000 square foot property is taken on a case-by-case basis, generally Sitt is reducing each unit in the vicinity of about 40 per cent,” Thor spokesperson Jaclyn Rothenberg told ATZ. “The building is divided into four storefronts. Three are vacant and one has been leased to a national company.” In addition, the Eldorado Bumper Cars and Arcade, which is a couple of doors away in a building purchased last year by Thor Equities, will also be the beneficiary of a rent reduction. This couldn’t have come at a better time since the Eldorado was damaged by Sandy and needs costly repairs to reopen.

Eldorado Auto Skooters Sign by Steve Powers, Surf Avenue in Coney Island. September 5, 2012. Photo © Tricia Vita/me-myself-i via flickr

On December 15th, Thor Equities filed plans with the Department of Buildings for general construction for a new retail build-out inclusive of partitions and installation of mechanical equipment, duct work and plumbing fixtures. The original floorplan for 1232 Surf promised more than a dozen spaces including a row of 250-square-foot spaces on the Bowery side, outdoor seating on Henderson Walk and a 3,050 square foot roof deck.

Thor is teaming up with the Brooklyn Chamber of Commerce to help recruit tenants, according to Chamber president Carlo Scissura. “This program is especially important in the aftermath of Hurricane Sandy and will go a long way in making sure that Coney Island remains a vibrant neighborhood and tourist attraction as well as a place where small businesses can thrive and Brooklynites can get jobs,” said Scissura.

Thor’s Coney Island: Stillwell Avenue side of Joe Sitt’s new building. January 29, 2012. Photo © Tricia Vita/me-myself-i via flickr

The biggest surprise of the press release was what Thor CEO Joe Sitt had to say about chains vs local businesses: “Coney Island’s popularity has reached record proportions, but we can never forget what got us here – local, ahead-of-their-time business owners who brought flair, hipness and edge to the People’s Playground,” Sitt said. “While it is wonderful that national chains are now coming to Coney, providing needed jobs and year-round revenue to the community, we must always remember the history of this iconic neighborhood.”

In the documentary “Zipper,” Joe Sitt reads a list of national chains that he wants to bring to the new Coney Island. It sounds like Any Vacation Spot USA: Ripley’s Believe It Or Not, Dave and Buster’s, Hard Rock, Rocky Mountain Chocolate Factory, Howie’s Game Factory, Build-A-Bear Workshop. Has Sitt, who was reviled in 2008 as the Grinch who stole Coney Island for locking out small business owners on Christmas Eve, evolved into a Santa for Mom-and-Pops? Hey, we hope so. Only time and the new building’s tenants will tell.

Thinkwell’s rendering for Thor’s Temporary One-Story Building in Coney Island. April 2010

The one-story building at 1232 Surf Avenue is Thor Equities’ first new construction in Coney Island. It was built on the site of the century-old Henderson Music Hall, which was doomed when the City rezoned the parcel for a high-rise “hotel” in July 2009. The City’s Landmarks Preservation Commission denied landmark designation and also declined to create a historic district, which would have created tax incentives to rehab the building.

Henderson’s began as a restaurant at Bowery and Henderson Walk in 1881 and included a music hall featuring such music and vaudeville acts as Al Jolson, the Marx Brothers, and Sophie Tucker. From 1926 to 1984, the building housed the World in Wax Musee. Tenants who lost their leases after Thor bought the property or due to the demolition in 2010 include the Velocity Nightclub and Popeye’s Chicken, which has since relocated to the Popper Building. The Fascination arcade owner moved his business (renamed Game World) to another Thor-owned property on Surf.

One of the saddest losses was the Fascination Arcade’s bare bulb sign which dated back to the 1930s. It was illuminated year-round and was a welcome sight to see upon exiting Stillwell Terminal. Also missed are the individually owned concession games like Shoot Out The Star, Balloon Raceing [sic] and the Balloon Dart on the Stillwell and Bowery sides of the building. Is there anyone besides this former carny kid and game operator who is going to lament the fact that these old school amusements are gone forever from this corner of Coney Island?