The Real Deal New York

Luxury department stores fancy up Manhattan’s retail scene

Top shops drawn by boom in luxury buildings -- and the wealthy residents who live in them
October 31, 2014 11:42AM

How fancy can one island get?

Marquee department stores such as Saks Fifth Avenue, Neiman Marcus and Nordstrom, which are all opening a store in New York in the coming years — are transforming the luxury retail market in Manhattan. So much so, that retailers are projecting that New York may beat London as the world’s foremost city for the global elite, according to the New York Daily News.

“Nothing touches this city in terms of opportunity for revenue generation,” Kenneth Himmel of the Related Companies, the builder of Neiman Marcus’ Hudson Yards store, told the newspaper.

Corcoran Sunshine projects that almost 7,000 new luxury condos will come online between now and 2016, all potential customers for the high-end stores.

“Retail definitely follows where capital is being invested globally,” Paddy Dring, head of international residential sales for global brokerage Knight Frank Residential, told the newspaper. “These stores are following their clientele.” [NYDN] — Claire Moses