In his first video interview since being hired away last week from Winick Realty Group, veteran retail broker Benjamin Fox, executive vice president at Massey Knakal Realty Services, says discount giant Wal-Mart Stores might look for locations in Herald Square, near Bloomingdales in Midtown, or in Queens, among other places. Fox was speculating, and is not working with Wal-Mart in the search. In addition, Fox and Robert Knakal, chairman of Massey Knakal, told Insights from The Real Deal that property values often rise after a major chain retailer moves in.
But any opening is far off, Fox said, citing a high-level, internal Wal-Mart memo he had seen. “Everyone is getting way ahead of themselves,” he said. The Bentonville, Ark., global chain began a publicity push this month in New York City, as it tries to open its first store, after abandoning efforts twice before due to community opposition.