These five luxury retailers have their sights set on claiming their stake to a slice of the Manhattan retail pie.Don’t look now, but there’s a turf war breaking out on the streets of Manhattan. While this one will not pose a threat to residents safety, it could prove hazardous to the contents of their wallets. As Business of Fashion explains, these five luxury retailers have their sights set on claiming their stake to a slice of the Manhattan retail pie.
Some of the iconic names in the world of retail have already opened their doors on new locations in Manhattan, and the others are right behind them. Let’s take a look at these names and their plans in more detail.
● Barneys New York. The retailer opened a 58,000 square foot flagship store in the Chelsea neighborhood this past February.
● Saks Fifth Avenue. Saks recently opened an 86,000 square foot store in the upscale mall Brookfield Place, which sits just outside of the Financial District.
● Bergdorf Goodman. Not to be outdone, the venerable retailer recently reopened its renovated main floor, the latest phase of what’s been a five-year remake.
● Neiman Marcus. Fast forward to 2018, and Neiman will occupy an astounding 240,000 square feet at the massive Hudson Yards development on the West Side.
● Nordstrom’s. The Seattle-based icon is planning two stores: a 285,000 square foot store on West 57th, and 43,000 square foot shop in Columbus Circle.
That’s a ton of valuable real estate on one of the most expensive parcels of land across the globe, but these luxury retailers are viewing it as crucial to establish a strong footprint in Manhattan.
“They’re looking for opportunities for expansion, and those have become a lot more limited across the country as a whole, as many of the traditional destinations have become a bit more patchy in terms of growth. Somewhere like Manhattan is the exception rather than the rule. It has a great footfall and a very, very high spending level. And you can’t really call yourself a national department store without being present in New York.” says Neil Saunders, managing director at retail research firm Conlumino.
Manhattan’s built in foot traffic, combined with the average residents consumption of apparel and services point to an outstanding opportunity for these luxury brands. But as we’ve seen across numerous industries, not everyone can make it in New York. Based on the past successes of these companies and the substantial investment they’re undertaking to just open their doors, the smart money says that they’ll have a better chance than average of some enormous success.
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20 SEPTEMBER 2016, USA