Burlington Coat Factory signs lease for Flatbush Center store
Burlington Coat Factory has leased a large space in Brooklyn and is already gearing up for year-end sales.
The 45,000-square-foot store will include a former Staples and 24-hour fitness center at the Flatbush Center, according to Marcelo Klajnbart of ACHS Management, a division of A&H Acquisitions of Alex Adjmi, the owner of the property.
Burlington already has an equally large store in the Kings Plaza Shopping Center which opened in 2018 and another on Atlantic Avenue. The new store, located at 2163 Tilden Avenue, includes the corner space at 1011 Flatbush Avenue, where Staples used to be.
Clifford Simon of CNS Realty represented Burlington in the matter.
Burlington Coat Factory’s first store was a retail outlet that opened in 1972 in Burlington, New Jersey. Its seat remains there.
Originally the company focused on coats, but the company has grown to be one of the country’s top low-cost retailers. At the end of the second quarter, the publicly traded company operated 739 stores in 45 states and Puerto Rico. Over the past five years, it has added 20 stores each year and is striving to reach 1,000, despite struggles in the brick and mortar retail industry, which have been exacerbated by the pandemic. .
While many retailers have seen their online sales increase as stores were closed for Covid, Burlington has stopped selling products on its website as it has been redesigned to focus on in-store promotions.
Sales fell 45% in the first half of the year compared to the same period a year ago due to coronavirus closings and inventory issues. New York City authorized the reopening of retail stores on June 8.
In his August tips, CEO Michael Sullivan explained that the company had rebuilt store inventory levels and had since seen a “significant improvement” in sales. While Burlington expects this trend to continue, it still sees “a lot of” risk “in the third quarter, he said.
“In this uncertain environment, we plan to manage our business in a conservative manner,” Sullivan said in the statement. “We have a lot of cash and will be using it to support the opportunistic purchases of fall merchandise and take-out inventory that we will distribute to stores next year.”