OPINION | Supreme stock weakens before store can even launch

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In the last 5 years the VF Corporation that bought Supreme for $2 billion in 2020 has gone down 61.5 percent in the stock market.

Now the West Hollywood store is in jeopardy of never opening at the former Tower Records on the Sunset Strip.  In January 2022, Supreme began their redesign of the Tower Records store with an opening date of August 2022. In recent months with ongoing rain there has been water going into the building.  The redesign of the store had taken apart the center of the structure and now there have been on going flood damage teams pumping out water.  Before the renovation the former merchants of Gibson Guitar and before that a hip clothing store never had any water leaking into the building. How can you open a clothing and sneaker store with ongoing leaking and flooding?
https://finance.yahoo.com/news/steve-rendle-exits-vf-corp-201426866.html 

https://www.npr.org/2020/11/16/935475305/vf-corporation-acquires-supreme-for-2-billion#:~:text=VF%20Corporation%20Acquires%20Supreme%20For%20%242%20Billion%20%3A%20NPR&text=VF%20Corporation%20Acquires%20Supreme%20For%20%242%20Billion%20New%20York%20streetwear,will%20retain%20its%20street%20cred.

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About Jerome Cleary
Jerome Cleary was a columnist for West Hollywood Independent, blogger for AOL’s Patch for West Hollywood, published in the LA Times, The Advocate, Frontiers Magazine, formerly on the Lesbian and Gay Advisory board, was named as a Local Hero of West Hollywood in LA Weekly and is a small business owner in West Hollywood.

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Joshua88
Joshua88
1 year ago

The link is broken.

Jerome Cleary
Jerome Cleary
1 year ago
Reply to  Joshua88

the link still works

TomS
TomS
1 year ago

Karma is a biatchhhhh selling goods through absolute kaois when neighbors says Not here booo

Rich Scott
Rich Scott
1 year ago
Reply to  TomS

Huh? What is kaois?

Boulevard and Street
Boulevard and Street
1 year ago

The real disaster here is the terrrible grammar and biased reporting.

WehoQueen
WehoQueen
1 year ago

What a shame. I know thugs and rioters like to shop and loot without getting wet.

WeHo Mary!
WeHo Mary!
1 year ago

Jerome, I’m saying this with respect, but I think there’s more to the story here. First, from what I remember from the drawings, the work was mostly finishes and materials and cleaning things up. There haven’t been that many changes to the original building. Any building with a flat roof is going to have leaks at some point, especially one of that vintage. Evidence of water on the side of the building may not be surprising, especially in the middle of construction. I’m also noticing that water is being diverted from the neighboring site, around the building, and I also… Read more »

Koweho
Koweho
1 year ago
Reply to  WeHo Mary!

Mary, you are wrong. I live up the hill and structural changes were huge. The put an entire new roof on so they could install a brand new HVAC system and new interior duct work. So while the building looks similar it is almost new. Obviously the new roof and window placements were not done properly.

WeHo Mary!
WeHo Mary!
1 year ago
Reply to  Koweho

Ok, the roof is being replaced, and HVAC is new. You don’t know that there’s an issue with the new roof, unless you’ve been on site and inspected it, as a professional. Even if there is, this has nothing to do with anyone else. The roof will be complete at some point, inspected and we’ll all move on. The delay could be due to unforeseen conditions that we don’t know about

HORSE'S MOUTH
HORSE'S MOUTH
1 year ago
Reply to  WeHo Mary!

Always best to be advised by the “horse’s mouth”. Please call the Planning Department, Permits and Code Compliance to get an update from them. Then it will be clearer to proceed rather than gross speculation.

WeHo Mary!
WeHo Mary!
1 year ago
Reply to  HORSE'S MOUTH

Planning won’t have any updates, it’s in Building and Safety’s court now. They only know what they’ve inspected, so may not know what’s going on. Why don’t you call and find out?

HORSE’S MOUTH
HORSE’S MOUTH
1 year ago
Reply to  WeHo Mary!

The reference I made was to the Planning Dept. Under which Building & Safety operates and also Code Compliance to get the full picture. There are many ways to get the ball rolling. Why don’t I call you ask? Number one it’s out of my personal purview and am not a traffic director for solving any and all problems. Can only offer a suggestion based on experience. Since this directly concerns Mr. Cleary one would think he would know how the City operates.

BTW have you contacted Building & Safety?.

JohnRyan
JohnRyan
1 year ago

Edward Fickett designed the original building, as well as the apartment building I live in and many more WeHo buildings. Fickett built things better than they had to be built. Too bad the new designers didn’t do the same thing. If it ain’t broke……

Joe Bologna
Joe Bologna
1 year ago

That there is the ghosts of Jim Morrison and Eddie Van Halen trying to save that hallowed ground.

angry gay pope
1 year ago
Reply to  Joe Bologna

Reggie Dwight (Elton John) boasted he spent enough money browsing Vinyl LPs he could have bought the store! This during his concert w/Lady Gaga in the Tower pkg lot: https://www.youtube.com/watch?v=y_s36Jy5PLM