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's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
Stephen Ross and Time Warner Center (Getty)

Stephen Ross slashes price of Time Warner Center penthouse

Stephen Ross slashes price of Time Warner Center penthouse
Wesley Edens and 520 West 28th Street, Unit PH37 (Getty, Compass)

Fortress Investment chairman buys steeply discounted Zaha Hadid penthouse

Fortress Investment chairman buys steeply discounted Zaha Hadid penthouse
Neiman Marcus at Hudson Yards and Geoffroy van Raemdonck (Getty)

Neiman Marcus exits bankruptcy $4B lighter

Neiman Marcus exits bankruptcy $4B lighter
President Donald Trump and Joseph Biden (Getty, iStock)

Real estate donors backing Biden over Trump

Real estate donors backing Biden over Trump
Tel Aviv Stock Exchange bull (Wikimedia Commons)

NYC developers face downgrades on Israeli bond market

NYC developers face downgrades on Israeli bond market
Related chairman Stephen Ross with President Donald Trump and Hudson Yards (Photos via Getty Images)

Stephen Ross dishes on Trump, NYC mayoral race

Stephen Ross dishes on Trump, NYC mayoral race
Related chairman Steve Ross and 35 Hudson Yards (Photos via Getty, SOM, MTA)

Hudson Yards pad sells for $7M; cash-strapped MTA gets a cut

Hudson Yards pad sells for $7M; cash-strapped MTA gets a cut
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...