Loehmann’s (Bronx, N.Y.), the off-price retailer that has survived two bankruptcy filings in the last 12 years, is apparently getting an infusion of capital expenditure.
According to Crain's New York Business, ceo Steven Newman is committing about $12 million for store renovations. The 30,000-square-foot store in Manhattan’s Chelsea neighborhood was recently upgraded to include trend shops where mannequins model the outfits of the season.
The store décor upgrades will include adding accents like framed paintings and plush chairs, along with colorful neon tables piled high with fashionable apparel like patterned shorts.
To attract younger shoppers, Newman has rearranged products by putting trendier young designers up front. He’s also expanding the 40-unit chain’s personal-shopping program and improving customer service.
“We were not customer-friendly,” Newman said. “We were like, ‘Come get your cheap clothes and run.’ Now it’s ‘Come, shop us, stay a while and, if you want to sit down here’s a chair.’ “
The 92-year-old company was owned by Dubaian investment firm Istithmar World prior to its 2010 Chapter 11 bankruptcy filing, reports Crain's New York Business. Though Istithmar retained a minority stake, Loehmann’s is now primarily owned by hedge fund Whippoorwill Associates (White Plains, N.Y.), which Barneys New York in the mid-2000s.