by The rivalry between Nike and Adidas is heating up in New York as the Swoosh is set to open its new SoHo flagship across the street from its German rival.
Located at 611 Broadway — inside the space once home to Crate & Barrel — Nike’s new SoHo residency is set two blocks from its prior location at 529 Broadway. (The location also hosted a temporary Kith pop-up when the Ronnie Fieg-founded label briefly closed its NoHo store for renovations.)
Nike’s new home, which opens to the public on April 16, is a few steps away from Adidas’ massive SoHo flagship on the corner of Broadway and W. Houston Street, its neighborhood home since 2004.
The new flagship is sure to create a stir as the brands continue to see a divergence in results.
In its most recent earnings release, Adidas reported sales in the fourth quarter of fiscal 2025 grew 11 percent to 6.08 billion euros. That resulted in a net sales increase of 13 percent, on a currency neutral basis, for the full year and a sales tally of 24.81 billion euros.
“Q4 ended better than we expected,” Adidas chief executive officer Bjørn Gulden said in a statement following the release of the company’s earnings in March. “There were many issues in the world, it was very volatile, but we were able to deliver double-digit growth again.”
In stark contrast, Nike’s stock fell over 15 percent to $44.62 on April 1, the first trading session following weak fourth quarter guidance and a slower than expected recovery in the third quarter.
The sell-off signaled more bad news for the Swoosh, as Wall Street continues to punish the brand. Over the last five years, shares for Nike Inc. are down 68 percent from its high of $167.31 per share in November 2021.
In March, the Beaverton, Ore.-based company reported net income in the third quarter of fiscal 2026 fell 35 percent to $520 million from $794 million in the year-ago period. Diluted earnings per share dropped to 35 cents from 54 cents.
Net sales in the period tallied $11.3 billion, flat from $11.3 billion on a reported basis and down 3 percent on a currency-neutral basis.
“While we are not satisfied, I am confident that our progress in the areas we prioritize: first, through our Win Now actions, point to where we are ultimately heading across our portfolio,” Nike chief executive officer Elliott Hill told analysts on the company’s most recent earnings call. “Because of the scale and breadth of the Nike portfolio, that progress will not happen all at once.”
In October, Nike confirmed in a statement to FN that it would be closing its former SoHo flagship in January after the building was sold to an affiliate of Ikea for $213 million. The company confirmed at the time that it will “look at other options in the area and maintain its presence in SoHo.”
In New York, Nike also operates its House of Innovation flagship at 650 Fifth Avenue, as well as stores in Battery Park in lower Manhattan, Harlem, North Bronx, East New York, Williamsburg and at Atlantic Center in Brooklyn.
