Walmart losing hard-fought ground by delaying announcement of NYC location

TRD New York /
Jan.January 30, 2012 08:30 AM

If Walmart is going to make its long-awaited move to the city, it better act fast, Crain’s said.

The retail giant’s public relations campaign, led by a $4 million donation last July that saved the Summer Youth Employment Program, has helped score points with politicians, including Mayor Michael Bloomberg, and make the public far more amenable to the prospect of a Walmart in New York.

But concerns linger, including the pressure Walmart would put on independent grocers and the wages it would offer, and many of the leading candidates to replace Bloomberg in two years still oppose a store.

Walmart needs to announce its first location now, lest it become a focus of those campaigns.

Crain’s said the store is now in “advanced lease negotiations” with the Related Companies for a 150,000-square-foot store in its Gateway II center in East New York. But a deal of that size takes much negotiation, especially since Walmart must find a way to thrive on the city’s expensive real estate without charging higher prices. Walmart officials say they are looking for the perfect location and don’t want to rush their entry into the marketplace. [Crain’s]


Related Articles

arrow_forward_ios

Related is the latest developer to target the Rockaways

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there

The Plaza Hotel in 1975 and models walking the runway during New York Fashion Week September 2019 (Credit: Getty Images)

Fashion Week struts its stuff at these iconic NYC locations

Related CEO Jeff Blau, Deutsche Bank CEO Christian Sewing, and Time Warner Center at 10 Columbus Circle (Credit: Getty Images and Wikipedia)

Deutsche Bank shrinks footprint at future Columbus Circle home amid global downsizing

Gym chain creator looks to part ways with Westchester County compound

1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

These are some of the most notable resi sales of the week

Clockwise from top: Related chairman Steven Ross, Mactaggart Family & Partners CEO Philip Mactaggart, a rendering of 456 Greenwich Street, and Caspi Development's Joshua Caspi (Credit: Getty Images, Mactaggart, and MHA Westchester)

Developers of bankrupt Tribeca hotel project think Related might be colluding with their landlord

arrow_forward_ios