The National Football League has already booked 40,000 square feet of that space, with a prominent presence on the first floor, to open a permanent store and NFL Experience attraction. The 39-story building, being developed by the Witkoff Group, will feature a 452-room Marriott hotel, 76,000 square feet of retail space, an 18,000-square-foot LED sign and a 350-seat theater. The new location, planned to open in 2017, will be three times bigger than Hershey’s current Times Square flagship and offer more “bells and whistles,” such as a state-of-the-art digital billboard.Īnd 20 Times Square is a name you should expect to hear a lot more of in the future. The chocolate maker announced last week that it was moving its current flagship store from Broadway and West 48th Street, which it opened in 2012, to the hot new 20 Times Square location. Hershey also wants a bigger and more interactive location in Times Square to help grow its brand and entice new customers. Gap and Old Navy, which will both occupy 31,000 square feet of ground level retail space in the building, are expected to open their flagship Times Square stores sometime in early 2017. It wasn’t long, however, before Gap and Old Navy swooped in to fill the void left by Toys“R”Us’ departure, and owners of the Bow Tie Building - so called because that is the shape that the crossing of Broadway and 7th Avenue make - are currently in the process of renovating the historic building to accommodate the new tenants and also add 25,000 square feet of additional retail space. Toys“R”Us’ only remaining retail location in Manhattan, which has some of the highest retail rental prices in the world, is a Babies“R”Us location in Union Square. Toys“R”Us had occupied the space since 2001, but the move wasn’t so much a case of Times Square no longer being a valuable location to house a brand’s flagship store as it was the toy giant simply trying to cut costs. The changes started coming for Times Square last December when Toys“R”Us moved its flagship store out of the 160,000-square-foot Bow Tie Building in the center of Times Square on Broadway between West 44th and 45th streets. Retail rental space on Fifth Avenue rents for $3,398 a square foot, but those prices have fallen more than 8 percent in the past year, whereas Times Square prices have only dipped by 2 percent.īut big changes are coming to Times Square, and they could reshape one of the world’s best known and most shopped retail meccas. Retail real estate in Times Square rents for $2,363 a square foot. It’s also the city’s second most valuable retail real estate, behind only Fifth Avenue from 49th to 59th street, according to the Real Estate Board of New York (REBNY). That amounts to $4.8 billion annually in retail, entertainment and hotel sales. Sure, you could make an argument for Wall Street as New York’s economic engine and the Statute of Liberty or the Empire State Building as its top tourists draws, but a study by the Times Square Alliance found that $0.22 out of every dollar spent by visitors to New York City is spent in Times Square. It's also, arguably, the heart of New York City's economy and the City That Never Sleep’s greatest tourist attraction. That’s more than 131 million visitors a year! Times Square is the most visited place in the world daily, with roughly 360,000 pedestrians swinging by each and every day, according to the Times Square Alliance. After all, it’s not called the Crossroads of the World for nothing.Īnd a ton of people visit Times Square every day.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |