Iconic Fashion Lounge in Hoboken Doomed {2011-2014}

Less than two and a half years at 509 Washington Street, ladies clothing and accessory store Iconic Fashion Lounge is doomed.

Iconic Fashion Lounge Hoboken NJ Doomed 2014 509 Washington Street for rent

Why was it unsustainable? What could survive next?

For starters, it’s obvious that “social networking” couldn’t help Iconic Fashion Lounge. I guess when everything in the world is absolutely “fabulous,” things tend to get watered down tremendously losing any sort of uniqueness.

Next, take a look at the Realtor listing for this place (and try not to spit your coffee on the screen:)

“Prime Washington Street storefront location. Spacious approximately 1350 sq ft storefront space, with office space plus basement storage and backyard available ASAP! Perfect for clothing store, hair & nail salon, children’s classes or any other retail. Owner is asking $5750 per month for rent plus 2 months security deposit for a 3 year lease. Broker’s fee is 1.5 months to be paid by tenant.

Sky High Rents on Washington Street in Hoboken NJYou’re down $8625 (gone forever) right out of the gate.

Then another $11,500 is tied up for the security deposit. That’s over $20,000 CASH right from the get go.

Yeah, I know retail markup is really high – usually around 300%, but with sales, theft and so on – you’d be lucky to net 200% overall. So how much do you need to sell before you make a profit (including rent, utilities, overhead?) You probably need to take in about $15,000 in sales to break even. And that’s with NO employees. So let’s say they sold $1000 of stuff per day. Net profit (gross income) would be around $90k annually – and that’s before all the rest of the people take your money. Tough being a small business owner, right?

What do you do during slow months or weeks of agonizing mismanagement of the city by the Mayor?

This is why Hoboken nail salons and hair-cutting places can survive longer. Much lower over-head.

509 Washington Street Hoboken NJ retail space for rent

Iconic Fashion Lounge in Hoboken caters to guys & gals

11/2/2011 Update:

The clothes shopping options in Hoboken recently became a bit more diverse, as Iconic Fashion Lounge at 509 Washington Street opened to the public.

Owner Lauren has this to say about her shop:

“Iconic Fashion Lounge is a men’s and women’s clothing store that also carries a specific selection of shoes and accessories. The vibe is a relaxed and inviting environment that brings back the enjoyable experience of shopping. Fashion can often be a question of functionality versus design, the clothing lines at Iconic have been carefully selected as the perfect blend of both. The style is clean and modern, but with details that make each piece of clothing unique.”

Hoboken buzz was accurate! Iconic Fashion Lounge coming soon

8/5/2011 Update:

Last week, we told you that the buzz on the street was a ladies clothing store was coming to 509 Washington Street.

Well, that is correct! Iconic Fashion Lounge is the name of the new store that’s currently under construction at this location.

Iconic Fashion Lounge retail shopping for ladies who love clothes

Buzz on the street says “ladies clothing store”

7/28/2011:

The building at 509 Washington Street was quite odd. A vanilla-looking non-commercial spot in the middle of the “strip.”

However, according to Zillowthis property was recently sold for over $1.23 million dollars, and some nearby shops say that a “ladies clothing store” is planned for the ground-level spot.

Does Hoboken need another ladies boutique? In this economy?