NEW YORK The sluggish economy has not significantly impacted Ricky's NYC, or so it seems, as the New York City retailer gears up for the opening in mid-September of its 22nd New York store.
According to Crain's, the company has signed a 10-year lease for a 2,600-sq.-ft. space at Eighth Ave, and West 17th Street — the home of a former kitchen showroom that went out of business.
Ricky's chief executive Todd Kenig was quoted as saying that revenues are in the $42 million to $45 million range — currently down about 10% from the levels of a very solid 2008, when sales leaped by more than 20% versus year-earlier figures. However, in a turbulent economy where many retailers are shutting their doors, a 10% decrease is "ok" when you put it in perspective, he noted.
Ricky's NYC is the ultimate beauty destination with its edgy, ultra-hip stores that, over the years, have developed an almost cult-like following among New Yorkers. As reported in January by Drug Store News, the retailer — which is big in hair care — is looking to further tap into the hair care market with the rollout of in-store hair salons. In fact, the company told Drug Store News that the plan was to roll out a salon in every location.
That goal appears to be coming to fruition as this new location will, according to Crain's, also feature an in-store hair salon.
Halloween is a big business for Ricky's so it is looking for temporary locations for its Halloween pop-up stores, where it will test certain neighborhoods as potential spots for long-term leases. The company is currently assessing short-term spaces at East Houston and Ludlow Street, downtown on John Street, and in Hoboken, N.J., Crain's reported.