The National Basketball Association's flagship store in New York is preparing a significant physical expansion. According to industry sources, sportswear company Lids, owned by sporting goods group Fanatics, plans to leave its long-standing location at 545 Fifth Avenue and move into larger retail premises.
The shop at the corner of 45th Street and Fifth Avenue currently has around 15,000 square feet of retail space, which has been leased since 2015. Although the regular lease for the property owned by the Moinian Group runs until 2031, management is pressing ahead early to secure sufficient lead time for the extensive fit-out of the future retail space.
Seven locations shortlisted in Midtown Manhattan
Lids is leading the leasing process and searching for properties with retail space between 20,000 and 25,000 square feet. Those responsible are currently examining seven potential addresses in Midtown Manhattan, including space around Times Square as well as several currently vacant buildings along Fifth Avenue. The objective is to conclude the location decision within approximately one year.
The background to the expansion plans is a record financial year for the NBA Store. Business in jerseys, collectibles and merchandise experienced a sharp boost after the New York Knicks won their first NBA championship title since 1973. At the future location, the operators are aiming for a more spacious and openly designed ground floor, and also wish to upgrade the entrance area.
Stages of the basketball flagship on Fifth Avenue
The league's presence on the prestigious New York avenue looks back on a history spanning almost three decades. The format debuted in 1998 at 666 Fifth Avenue. Between 2011 and 2015, the brand operated smaller temporary premises at 590 Fifth Avenue before moving to its current location at 545 Fifth Avenue. The Moinian Group and Fanatics have not yet commented on the ongoing negotiations upon request.
