Very good news! Pearl River Mart, which closed its store at 477 Broadway last spring (but continued online), is opening another store, and this one is in Tribeca. It’s at 395 Broadway (the southwest corner of Walker), in the former Western Spirit space. According to the listing, it’s 5,725 square feet (3,125 on ground floor, 600 on the mezzanine, 2,000 on the lower level), which is substantially smaller than the 30,000 square feet of the former location (pictured below).

UPDATE: DNAinfo New York got a rep to confirm the store is opening at 395 Broadway space, and “further details would be released Wednesday.”

UPDATE #2: From the press release (boldface mine):

Facing an enormous rent hike and an increasingly competitive retail landscape, Pearl River Mart’s husband-and-wife team Ming Yi Chen and Ching Yeh Chen were forced to close the doors to their iconic Asian emporium in March of this year. The couple regarded the closure as a bittersweet ending to a 45 year journey that began with a small shop in New York City’s Chinatown and concluded with a 30,000 square foot department store in the heart of SoHo. Although the Chens reached out to many interested parties and investors to continue Pearl River in some form, they were unable to find a suitable successor—until they spoke to their daughter-in-law.

Encouraged by the outpouring of support following the store’s closing and inspired by the opportunity to lead the brand into new territory, Joanne Kwong, a Columbia and Duke University-educated attorney and communications executive, felt the time was right for a major career change. As the new President of Pearl River, she has announced plans to open a temporary pop-up shop in mid-November at its new home at 395 Broadway before officially relaunching the store in May 2017 following renovations. The Chens will remain closely involved in the updated iteration of Pearl River as advisors.

Kwong’s vision for the new Pearl River includes modernizing its merchandise and customer experience, increasing its digital and social media presence, and forging strategic partnerships with major national and global brands. In addition to offering familiar favorites, the new 8,000 square foot location will debut capsule collections and collaborations with a variety of established and emerging Asian-American designers and artists and host a regular program of curated events, performances and exhibitions. Long term plans include opening additional stores in other U.S. cities and introducing new lines of Pearl River-branded merchandise.

And here’s the new logo: