Another bad sign for the music industry. One of the biggest music stores in America just lost their flagship location......
The Virgin Megastore in Times Square, that behemoth depository of all things entertainment at the crossroads of the world, will be shuttered in the first quarter of 2009, according to reports.Vornado, the company that owns the property, is forcing out the struggling chain so that it can up the rents on a new tenant, according to Reuters.
Virgin pays $54 a square foot in an area where rents can easily fetch $700, an executive vice president at Vornado told Reuters.
The chain's Union Square location should also vanish early next year, a victim in part of escalating rents.
Comments (1)
That stinks. While they're not the best stores around, I've always enjoyed strolling in real late at night on the way home from the bar and picking up some CDs.
Posted on June 10, 2008 4:31 PM