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

Retailer hopes to attract more shoppers with park and restaurants

Jun.June 07, 2017 09:00 AM

Rendering of the new park on the roof of Macy’s Herald Square
(Credit: Macy’s via NYP, click to enlarge)

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

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

Ricky's at 830 Broadway (Credit: NYC Go)

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”

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

(Credit: iStock)

NY restaurants, hotels warn of mass layoffs as US sees record jobless claims

The lifeline would allow the company to continue operating while it puts together a recovery plan. (Photo by Noam Galai/Getty Images)

Neiman Marcus in talks about possible bankruptcy: report

Robert Taubman and David Simon (Credit: Donato Sardella/Getty Images, Mireya Acierto/Getty Images, iStock)

With malls shut, what happens to Simon and Taubman’s deal?

Subway sent its landlords a “force majeure” letter last week (Photo by Mikko Robles/NurPhoto via Getty Images)

Major US retailers tell landlords they can’t pay rent