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

New York /
Oct.October 31, 2014 11:42 AM

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


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
Related CEO Jeff Blau and 455 Tenth Avenue (Chris Martin, Google Maps, iStock)
Related launches lodging for executives’ hybrid work
Related launches lodging for executives’ hybrid work
Related's Stephen Ross, the Gregory Hotel at 42 West 35th Street and Meadow Partners’ Jeffrey Kaplan (Getty, Google Maps, Meadow Partners)
Related sues Meadow after foreclosure on Garment District hotel
Related sues Meadow after foreclosure on Garment District hotel
Jeff Blau, CEO, Related Companies, in front of The Lyric at 255 West 94th Street (Getty Images, Google Maps, iStock)
Korean firm makes US debut with $266M acquisition from Related
Korean firm makes US debut with $266M acquisition from Related
Related's Stephen Ross
Quintessential Stephen Ross moments from “The New Kings of New York”
Quintessential Stephen Ross moments from “The New Kings of New York”
Kara Ross and 870 Fifth Avenue in Manhattan NYC (Getty, Google Maps)
Steve Ross’ ex-wife lands on her feet — in a $5.6M Fifth Avenue pad
Steve Ross’ ex-wife lands on her feet — in a $5.6M Fifth Avenue pad
Konrad Bicher and the MiMa at 450 West 42nd Street (Google Maps)
“Wolf of Airbnb” set up in luxury tower, Related claims
“Wolf of Airbnb” set up in luxury tower, Related claims
Christian Sewing, chief executive officer, Deutsche Bank, in front of 1 Columbus Circle (Getty Images, OptimumPx, Public domain, via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
Deutsche Bank delays $1.5B CMBS deal tied to HQ
Deutsche Bank delays $1.5B CMBS deal tied to HQ
arrow_forward_ios

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

Loading...