Space 519 Aims to Be More Than a Luxury Store

Yahoo

17 hours ago

CHICAGO — The new Space 519 store in Plaza del Lago in Wilmette, Ill., has something for everyone — and that's by design.
There is fashion; dining, with three options ranging from grab-and-go to full service; home decor; gifts; fine jewelry, and apothecary, all in one mini-department store.
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'You can't replicate this online,' Lance Lawson said during a walk-through of the 6,000-square-foot space located at the 1920s-era Spanish-style outdoor mall. Lawson owns Space 519 with his husband Jim Wetzel. 'If there was a website trying to sell you our favorite Swedish fish and a Khaite purse, you'd be like, 'What?''
Space 519 was among the first retailers WS Development, owner of the 100,000-square-foot Plaza del Lago, approached about the project. Located at the southwest corner of the mall with views of Lake Michigan, the store's neighbors are Jenni Kayne and Rag & Bone. James Perse has also opened. According to a mall sidewalk sign, Hermès, Oscar de la Renta, LoveShackFancy, Cynthia Rowley, Hill House Home, La Vie Style House, Peter Millar, Studs, Pilatesville and Veronica Beard are 'coming soon.'
'The first space they presented us had the restaurant on the second floor and we're like, 'no, the restaurant has to be on the first floor,'' Lawson said. 'When it's full and you hear the glasses clinking and the people laughing, the store feels very alive.'
Women's clothing is the backbone of the business, but food and dining remain the 'secret sauce,' Lawson noted. The owners introduced dining at their Gold Coast location in 2018 and found it's a draw. Like that store, Plaza del Lago features The Lunchbox, located immediately upon entering, with coffee drinks and grab-and-go items, and The Lunchroom, a full-service, 50-seat capacity restaurant serving breakfast, lunch and brunch. New to the store is The Lago Room, a 40-seat, European-style café serving cocktails and wine.
'Everyone that dines does not shop,' added Lawson, noting that the Cowboy Cookies sold at The Lunchbox are his mother's recipe. 'The food is strong enough that many people come here just to eat.'
The retail owners oversaw the entire project, including the decision to remove drop ceilings to uncover a skylight, tear down walls and install more windows. The center of the store is what Lawson and Wetzel call 'happy modern,' with track lighting and midcentury pieces such as a reworked 1950s Drexel sofa. Luxe collectibles, such as Fornasetti plates, are situated near oversize coffee table books.
There is art throughout, including a 10-foot mural by local Winnetka artist Paige Spearin, who designed prints for Lilly Pulitzer, an oversize piece by Maggie Meiners, also from Winnetka, and a photography piece by Nick Mele.
'People are coming here for all of it,' Lawson said. 'They want to participate in the food, the styling, the broad range of price points. By having all those components, we can be a true destination.'
The store features ready-to-wear from Jil Sander, Missoni, Proenza Schouler and Tibi. Exclusive apparel lines include Khaite, Thom Browne, Partow and Italian knitwear label Sasuphi. Accessory collections include Metier, Valextra and Savette. The store is about to launch a residency with Nak Armstrong, a CFDA Award-winning fine jewelry designer. Other key jewelry brands include ByPariah, Lizzie Fortunato and Gabriela Artigas. Apothecary brands include Vintner's Daughter, Augustinus Bader, D.S. & Durga and Dr. Few Skincare.
Prices range from $6.95 for a greeting card to $295 for a Lou Lou de Saison silk sleeveless blouse to $3,995 for a Khaite leather jacket.
While the luxury market faces global declines, Lawson said their business has grown 20 percent year over year.
'Since the pandemic, we've really hit our stride,' he said. 'Barneys closing in Chicago has been a catalyst for us. People loved the DNA of Barneys and we love being able to replicate that on a smaller scale.'
The owners strategically stagger their orders so there's newness at all times. They also feature limited units in each size.
'That's something our clients always talk about,' Lawson said. 'So it's new, it's not on sale. So you know if you don't buy it, it's going to be gone.'
Lawson said their goal is to increase business for both stores from the high single-digit millions to double-digit millions for the first year. Of that goal, the Plaza del Lago store is projected to do 25 percent less than the Gold Coast store during the first year.
'We're profitable,' said Lawson, noting they buy almost entirely in season.
The real issue is the devaluation of the dollar, he said.
'When [President Joe] Biden left, it was 1.03, yesterday I did a trade and it was at 1.175. That's 14 percent more just in currency conversion because we buy a lot from Europe that we pay for in euros. Then you add for Europe 10 percent in tariffs. It's terrible,' Lawson said. 'At the end of the day it's a tax. We run on a 10 percent margin in the very best circumstances.'
Wetzel said a big reason for their success is their sales associates, who lean in on Midwest nice. If Barneys is the store's aspirational DNA, the TV show 'Cheers' is the vibe.
'It's like going back to your favorite restaurant all the time,' Wetzel said. 'You know what you're going to order. You love that salad. You know that martini is going to be super cold. That's why you keep going back.'
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