With 20 million shoppers annually spending an average of $1.3 billion a year, Herald Square might be the most important retail landmark in Manhattan. Home to Macy’s flagship store, not to mention countless other retailers, this retail haven is getting a much-needed facelift. According to Chain Store Age, the new renovations will provide retailers with new ways to reach their customers.
From the article:
Herald Center, the giant 10-story, 250,000-sq.-ft. black glass retail and office property at the southwest corner of 34th Street and Broadway in Manhattan, is about to undergo a major transformation under long-time owner JEMB Realty. The property will be completely reclad to create a new leasing opportunity encompassing more than 50,000 sq. ft. of prime retail space at one of the most heavily trafficked, high-visibility corners in the world.
Built in 1982 on the site of the former Korvette’s discount store, Herald Center was originally conceived as a vertical mall. JEMB Realty, which acquired the property in 1986, is turning the property “inside out” in 2013, removing the black glass panels on the first three floors and replacing them with transparent panes that will enable flagship retailers to showcase their brand and goods to the more than 100 million pedestrians who pass the property each year.