STEVEN MADDEN LTD
For the period ended Dec 31, 2023. Filed Mar 4, 2024.
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FY2023 · Filed Mar 4, 2024
Contents
ITEM 2. PROPERTIES
We lease space for our headquarters, retail stores, showrooms, warehouses, storage, and office facilities in various locations in the United States, as well as overseas. All of our locations are leased, with an exception of one improved real property parcel in Long Island City, New York, which we own. We believe that our existing facilities are in good operating condition and are adequate for our present level of operations. The following table sets forth the location, use, segment, and size of the Company's principal properties as of December 31, 2023.
| Location | Use | Segment | Approximate Square Feet |
|---|---|---|---|
| Montreal, Canada | Offices, warehouse | Wholesale Footwear | 173,300 |
| Dongguan, China | Offices and sample production | Wholesale Footwear | 154,900 |
| Long Island City, NY | Executive offices and sample factory | Corporate(1) | 111,000 |
| New York, NY | Offices and showroom, Schwartz & Benjamin | Wholesale Footwear | 29,800 |
| New York, NY | Offices and showroom, Accessories | Wholesale Accessories/Apparel | 27,200 |
| Nieuwkuijk, Netherlands | Offices and showroom | Wholesale Footwear | 23,800 |
| New York, NY | Offices and showroom | Wholesale Accessories/Apparel | 17,600 |
| Renton, WA | Topline office | Wholesale Footwear | 14,200 |
| New York, NY | Offices and showroom | Wholesale Footwear | 10,000 |
| Renton, WA | Topline office | Wholesale Footwear | 9,500 |
| Putian City, China | Offices | Wholesale Footwear | 8,700 |
| Long Island City, NY | Storage | Corporate(1) | 7,200 |
| León, Mexico | Offices | Wholesale Footwear | 6,400 |
| Mexico City, Mexico | Offices, SM Mexico | Wholesale Footwear and Wholesale Accessories/Apparel | 5,700 |
(1) Corporate does not constitute a reportable segment.
In addition to the above properties, the Company occupies 255 leased full price and outlet brick-and-mortar locations. These leases expire at various times through fiscal year 2034. All of our retail stores are leased pursuant to leases that, under their original terms, extend for an average of five years. Many of the leases contain rent escalation clauses to compensate for increases in operating costs and real estate taxes over the base year.
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