Pearl River Mart— the city’s go-to place for affordable Asian home goods— is making a comeback with a vengeance. After being forced to shutter doors to its 30,000-square-foot home in Soho, the family-owned shop has not only set up shop in a new Tribeca location, but is now bouncing back even further with plans for expansion.
A five-fold rent hike, from $100,000/month to well over $500,000/month forced owners of Pearl River Mart to settle into a 3,500-square-foot space at 395 Broadway, nearly a 90 percent downsize from its former home. Nevertheless, the company decided to shift gears to focus more on its online sales until they figured out their next move. The Wall Street Journal reports that the company has now landed on the opportunity of a lifetime and one that will revitalize the beloved brand.
Pearl River Mart has signed a 12-year lease for a second shop located within Chelsea Market, an indoor food hall and shopping center with an eclectic assortment of shops and eager revelers looking to spend.
“Pearl River has been a number one pursuit the whole time we’ve owned the building, because it is fundamentally a New York business, a local business, a second-generation business,” said Michael Phillips, who owns the building that houses Chelsea Market.
The store will encompass 3,500 square feet and will provide more of a “retail experience” that will include live talks, performances, and culinary events.