Macy’s floats idea for rooftop park at its Herald Square location

Retailer hopes to attract more shoppers with park and restaurants

New York /
Jun.June 07, 2017 09:00 AM

Amid slow sales, Macy’s hopes to lure shoppers to its Herald Square flagship with an unexpected amenity: a rooftop park.

The retailer is weighing plans to add restaurants and green space to the roof of its 19-story Department Store On West 34th Street, the New York Post reported.

“That store is getting more valuable by the day as the center of gravity in Manhattan shifts southwest to Hudson Yards,” Doug Sessler, Macy’s vice president of real estate, said Tuesday at investor day.

Sessler said the struggling retailer hopes shoppers will wander through the store on the way up or down from the park. Macy’s completed a renovation of its 2.2 million-square-foot store in 2015 at a cost of $400 million.

Last year, Macy’s teamed up with Brookfield Asset Management to evaluate options for redevelopment at some 50 store locations. It also tapped Eastdil Secured to market stakes in several properties, including its Herald Square location. In 2015, Macy’s sold its Downtown Brooklyn store at 422 Fulton Street to Tishman Speyer for $170 million.

On Tuesday, Macy’s said it has identified 50 out of 841 stores where it hopes to unlock revenue by redeveloping parking lots and unused space. Target, Lowe’s, Home Depot and JCPenney are weighing similar moves amid a sector-wide decline in retail. [NYP]E.B. Solomont


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)
These were the top 10 NYC retail leases in July
These were the top 10 NYC retail leases in July
Ricky's at 830 Broadway (Credit: NYC Go)
Ricky’s, iconic NYC beauty shop, faces
more closures
Ricky’s, iconic NYC beauty shop, faces
more closures
From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)
When it comes to retail, “real estate in New York is fundamentally broken”
When it comes to retail, “real estate in New York is fundamentally broken”
Freshly CEO Michael Wystrach and 28 East 28th Street (Photos via Twitter; Google Maps)
Freshly inks big lease in NoMad
Freshly inks big lease in NoMad
From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
Former SL Green exec Isaac Zion joins Acram Group
Former SL Green exec Isaac Zion joins Acram Group
(Photo illustration by The Real Deal)
Inside mall owner Namdar’s rapid growth story
Inside mall owner Namdar’s rapid growth story
Isaac and Richard Chera 
Chera family goes SPAC shopping
Chera family goes SPAC shopping
From left: Ralph Lauren and Michael Shvo with 711 Fifth Ave. (Getty, Shvo Organization)
Ralph Lauren, Shvo Group feuding over Fifth Ave sublease
Ralph Lauren, Shvo Group feuding over Fifth Ave sublease
arrow_forward_ios

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

Loading...