(Getty, Photo Illustration by The Real Deal)
When fast-fashion chain Mango agreed to sublease Ralph Lauren’s 28,000-square-foot Fifth Avenue store last November, the deal seemed like a win-win for both retailers.
Mango would be able to explore the idea of having a store on one of the city’s most iconic shopping corridors, at a fraction of the cost. Ralph Lauren, meanwhile, was struggling due to the pandemic, and would have a chunk of its rent paid off.
But the deal hasn’t worked out quite as either hoped and shows some of the challenges inherent in retail subleasing, which experts believe could become more popular as tenants struggle to make rent and landlords look for options.