Virgin Megastores' decreasing "mega"

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Virgin Megastore, the large music and media center that anchors large metropolitan areas, is pulling back. Virgin announced the closing of its Union Square stores in both New York and San Francisco this week, not long after deciding to leave Times Square in New York City.

Virgin Entertainment was bought by two real estate companies in 2007, so the moves are not just retail-driven. The rent for incoming Forever 21 in Times Square will be much higher than Virgin has paid since its 1990s opening. Indeed, this was part of the rationale behind the purchase--good for Related and Vornado, the current owners, if not for the Virgin Megastore brand.

The fate of Virgin's three remaining megastores has not been announced.

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Timely Demise tracks the retail industry as it changes with our unprecedented economic environment. Published by David Wertheimer. Did I miss something? Drop me a line.

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This page contains a single entry by David Wertheimer published on February 27, 2009 11:16 AM.

Sears store closings was the previous entry in this blog.

More jewelry store closings is the next entry in this blog.

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