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

RCP CEO Richard O’Toole and Related CFO David Zussman (Credit: O’Toole via Westchester Magazine and Zussman via Related)

Related tries to calm Israeli investors after market panic

Related CEO Stephen Ross (Credit: Ross by Arturo Holmes/Getty Images; Wikipedia Commons)

Related’s Israeli bonds worry auditors as crisis worsens

Steve Ross, Eliot Spitzer and a rendering of 451 10th Avenue (Credit: Getty Images) 

Spitzer, Related land $276M in financing for Hudson Yards senior housing project

Jeff Blau (Credit: Getty Images)

Related’s CEO talks Hudson Yards and “complicated” projects

Related Chairman Stephen Ross (Credit: Getty Images, Wikipedia)

Related drops 700-foot-long “wall” from Hudson Yards plan

Shaun Osher, CORE CEO (Credit: Getty Images and iStock)

CORE becomes latest NY resi brokerage to expand into South Florida

Related Companies chairman Stephen Ross and Hudson Yards (Credit: Getty Images)

Next phase of Hudson Yards could include 700-foot-long wall

arrow_forward_ios
Loading...