Barneys NY planned to open at Bal Harbour Shops. Now its future looks uncertain
Barneys New York promised to open at Bal Harbour Shops even after it filed for bankruptcy earlier this year.
Now, its future is uncertain.
The department store will not be opening in Miami, according to the mall’s management company, Whitman Family Development.
A Barney’s New York spokesman could not be reached for comment. But in August, a company spokesperson told the Miami Herald at the brand would open at Bal Harbour Shops despite filing voluntarily for bankruptcy and closing stores nationwide.
Plans changed, according to Matthew Whitman Lazenby, Whitman Family Development’s third-generation owner and general manager.
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“Barneys will not be among the stores that will open in our expansion,” Whitman Lazenby said. “We had calls with executives associated with the new [management] team. They indicated that there won’t be a Barneys at Bal Harbour, but in fairness the court does give them until March to make that decision affirmatively.”
Whitman Family Development announced in 2017 that Barneys New York would anchor the new 3-story, 53,000-square-foot expansion due for completion in 2024. The decision was part of decades-long conversations between the Whitman and Pressman family, the owners of Barneys New York, that stretched as far back as the 1970s. Bal Harbour Shops will implement a different strategy for the space.
“We always knew there was a clear synergy between their merchandise, and their assortment and what we think the Bal Harbour Shops customer appreciates,” Whitman Lazenby said. “However, they had issues that had nothing to do with that that they had to get passed and we knew 2019 was going to be the definitive year. Unfortunately, they weren’t able to get passed them.”
There is a slight possibility that the store may still anchor the new wing at Bal Harbour Shops. Barneys New York signed a lease subject to bankruptcy proceedings. Whitman Lazenby said, “The bankruptcy court gives them maybe towards the end of the third quarter to legally accept or reject that lease.”
Should Barneys New York not open at Bal Harbour Shops, the mall will allow existing tenants north of 10,000 square feet to expand into the new space.
“You have your restaurant on top, then a flagship retail below,” said Whitman Lazenby. “We are also talking to other department store operators.” that we’ve been talking to forever but we are really prepared in any outcome.”
Authentic Brands Group acquired Barneys New York in November. It plans to liquidate all of Barneys New York inventory and then form a license agreement with Saks Fifth Avenue called Hudson Bay. The Hudson Bay agreement will allow a Barneys New York concession to open at select Saks Fifth Avenue locations.
Miami Herald reporter Taylor Dolven contributed to this report.
This story was originally published January 6, 2020 at 7:00 AM.
