Macy’s parade route shift could mean big losses for Times Square hotels

TRD NEW YORK /
Apr.April 05, 2010 09:14 AM

The Macy’s Thanksgiving Day Parade is sticking with Seventh Avenue this year, but the parade’s future may be further east, and the shift has Times Square hotel and restaurant owners jittery. Large hotels are hesitant to take advance Thanksgiving reservations without the promise of a parade view, and the companies that own Times Square signs cannot set their rates without knowing whether the space will be televised on that day. Last year, the parade moved from Broadway to Seventh Avenue to accommodate the city’s new pedestrian plazas, which, at the time, were temporary. The 2009 parade traveled down Seventh Avenue from 59th to 42nd streets, hitting Times Square before veering onto Sixth Avenue and making its way to Herald Square. It included four extra turns, and with the pedestrian plazas now becoming permanent, Macy’s is worried about safely maneuvering the signature helium balloons through the more complex route in years to come. On the other hand, the Hotel Association of New York City said moving the parade to Sixth Avenue would mean a projected loss of $40 million in hotel room revenues, given that there are more than twice as many hotels on Seventh Avenue as on Sixth. [Crain’s]


Related Articles

arrow_forward_ios
Dean & Deluca CEO Sorapoj Techakraisri and Midtown Equities founder Joseph Cayre (Credit: Craig Barritt/Getty Images, Facebook, iStock)

In Chapter 11 filing, Dean & DeLuca reveals it owes Midtown Equities $22M

Urban Outfitters CEO Richard A. Hayne and Ralph Lauren store CEO Patrice Louvet (Credit: Getty Images)

More major retailers furlough employees, withhold rent

Macy’s in Herald Square and CEO Jeff Gennette (Credit: Google Maps, D Dipasupil/FilmMagic)

Macy’s announces furloughs for “majority” of its workers

Airbnb CEO Brian Chesky (Photo by Bryan Bedder/Getty Images for Airbnb)

Airbnb suspends marketing, cuts executive pay in half

(Credit: iStock)

NY restaurants, hotels warn of mass layoffs as US sees record jobless claims

The lifeline would allow the company to continue operating while it puts together a recovery plan. (Photo by Noam Galai/Getty Images)

Neiman Marcus in talks about possible bankruptcy: report

Robert Taubman and David Simon (Credit: Donato Sardella/Getty Images, Mireya Acierto/Getty Images, iStock)

With malls shut, what happens to Simon and Taubman’s deal?

Subway sent its landlords a “force majeure” letter last week (Photo by Mikko Robles/NurPhoto via Getty Images)

Major US retailers tell landlords they can’t pay rent

arrow_forward_ios
Loading...