Changes are anticipated for about eight spaces on the Square, one of which will be filled by J. Crew.
By: George Frey
New tenants are ready to move into several shops on Palmer Square, according to David Newton, vice president of Palmer Square Management Co. LLC.
And deals are in progress for still more of Princeton’s prime retail space, he said.
"The last six months have been difficult," Mr. Newton said. "But we’re excited to be making the announcement of these new tenants moving into the square.
"The challenge has really landed on our laps in the last months. Phase two is what we’re going to do about it. We’ve moved mountains this week," Mr. Newton said in an interview last week.
Mr. Newton said there are always tenants who want to move into the square, but often "the stars don’t align entirely. The tenants orbit the square but sometimes they can’t move in. Often there is a 3,000-foot tenant and we only have a 2,000-foot space available."
Nevertheless, Mr. Newton said, changes are anticipated for about eight of the spaces on Palmer Square, one of which will be filled by J. Crew. The upscale clothing and accessories store signed with Palmer Square Management for one of only two leases in the entire country within the last year, according to Teri McIntire, the director of marketing for Palmer Square.
The arrival of J. Crew is expected around the end of June, Mr. Newton said. The new tenant will take the space that had been occupied by the Waverly home furnishings store at the corner of Nassau Street and Palmer Square East near the kiosk.
"Waverly and Laura Ashley have receded," Mr. Newton said. "Laura Ashley will be giving up their two shops."
Mimi Maternity will move into the Laura Ashley location on Nassau Street. At the Laura Ashley Mother and Child store on Palmer Square West, ICI For Children will be opened by area resident Lisa Mazzone.
"The maternity stores and children’s clothing stores on the square are true draws," Ms. McIntire said. "It’s a real destination. People come here for stores like that."
The owner of Tadpoles & Caterpillars, a children’s clothing store, has decided to close its location, Mr. Newton said. That space probably will be filled by a cosmetics and women’s accessories store. Mr. Newton said he is in discussion with a retailer and hopes a lease will be arranged soon.
A space at the northwest end of Palmer Square West that was occupied by Yard Co., a gardening store, probably will be taken by a women’s shoe store.
"We have a letter of intent," Mr. Newton said. "We’re at the end of negotiations and we’ll probably see the deal completed."
Simon Pierce, a home furnishing store, is not leaving the square but is looking for a smaller space. The current Simon Pierce space, on the northeast side of Palmer Square West, probably will be occupied by a women’s apparel store.
The space that was formerly the Gap Kids store, which closed late last year, is the subject of a letter of intent from a home furnishing and accessories store. The space faces Hulfish Street near Palmer Square West.
Mr. Newton said Palmer Square Management could not release the names of some of the shops moving into the square until more formal arrangements are made due to the nature of the negotiations. He said he hoped to have more names in the coming weeks.
Mr. Newton also said he hopes The Silver Shop, the longest-standing shop on the square, will remain. He said Palmer Square Management and the estate of Arthur Coletti are working to find a buyer for the business.
"Arthur Coletti of The Silver Shop died on Sept. 8," Mr. Newton said. "The store has been on the square since 1937. I hope we can save the name of the store, which has been true to the square since 1937."