In its third office-space growth spurt in 24 months, the retailer Macy’s has signed a 31,700 s/f lease expansion to occupy the entire tenth floor of 1440 Broadway, Monday Properties announced on Monday.
According to the report, H&M will move into the three-floor, 42,510-sq.-ft. space at 4 Times Square that was previously occupied by the restaurant ESPN Zone. The space, which has been vacant for some two years, includes two huge billboards that wrap above the store’s facade along Broadway and West 42nd Street.
Gap Inc.’s Piperlime banner has opened its first full-scale retail location — at 121 Wooster St. in the SoHo neighborhood of New York City.
The new 22,000-sq.-ft. Duane Reade store (at the corner of Broadway and Pine) further develops the retailer’s “Up market” store concept. The 24-hour store, with the grand opening on July 9, features such exclusive offerings and amenities as Up market: Chop and an in-store museum quality exhibit; a first for Duane Reade or any other U.S.-based drug store.
For most retailers, a handful of stores in New York would mark a strong presence in one of the world’s shopping capitals. But that wasn’t enough for Spanish fashion retailer Zara, which operated seven stores in New York until this past March, when the brand opened a new flagship that serves as an international icon.
Manhattan retailers are facing the same intensified pressures from Internet retailers and a slow recovery that are causing big box stores to close and shrink throughout the country. Only here, landlords are better positioned than their suburban counterparts to deal with the weakening demand by returning the space from whence it came.
Dubbed the Tommy Bahama “Manhattan Island,” the 8,500-sq.-ft. store will also include a bar and restaurant. It will be located in an Art Deco building on Fifth Avenue at 45th Street.
Fast-casual chain Panera Bread (Sunset Hills, Mo.) enters Manhattan today with its first location in the city, reports QSR magazine. The restaurant is located at 330 Seventh Avenue, while three more Panera locations will follow this year, at East 86th Street, 5th Avenue, and Union Square.