Nike has run its course, at least in SoHo. The sneaker brand’s flagship store in Manhattan is now closed.
Nike shuttered its iconic, decade-old store at 529 Broadway in SoHo on Jan. 10, according to multiple reports. The closure marks the end of a 10-year run at the location, which served as a hub for selling sporty shoes and apparel to customers of all ages. Corporate headquarters did not return requests for comment confirming the closure.
Swedish furniture giant IKEA announced in October last year that it would open a store at 529 Broadway. It purchased the building at the address, home to Nike SoHo, for $213 million.
Nike opened its sprawling SoHo store in 2016, taking over 55,000 square feet of space in the building. According to Women’s Wear Daily, a leading fashion industry publication, the building was constructed in 1853 and originally housed the Prescott House Hotel.
amNewYork previously reported that while IKEA will open a store in the building, it will not be as massive as Nike’s former retail space. Ingka Group, which owns many of the big-box retailer’s stores, said the 529 Broadway location will occupy the first and second floors, with the lower level used for storage and other back-office facilities, covering approximately 25,000 square feet.
“Through property ownership, we can secure IKEA presence at the most important retail hubs while keeping affordability at the core,” Peter van der Poeel, managing directo of Ingka Investments, said in an October press release. “This new location in New York City allows us to continue offering inspiring and accessible home furnishing solutions to everyone, regardless of their budget.”
The upper four floors will be renovated for “premium” office use, IKEA said.
The closure of the SoHo shop brings Nike’s NYC presence to nine shops, according to the company’s store directory.
It is unclear when the IKEA SoHo store will open.
