As part of a strategy to shore up its flagging retail business, Macy’s is considering providing New York City with more public park space right on the rooftop of its Herald Square flagship store, the New York Post reports. Doug Sesler, EVP of Real Estate for the chain, said in an investor presentation Tuesday that the store was “Exploring ways to activate upper levels (e.g.rooftop) and overall property while retaining Macy’s store and presence.” To attract shoppers and add more excitement to the shopping experience, Macy’s execs are looking at plans to develop the rooftop of the 2.2 million square-foot 34th Street store, including restaurants, green space, trees and benches.
“That store is getting more valuable by the day as the center of gravity in Manhattan shifts southwest to Hudson Yards,” said Sesler. The rooftop idea is intended to encourage people to browse their way through the store on their way up or down. The iconic flagship occupies a full city block and is the fourth most visited tourist attraction in New York City
Macy’s stock tumbled after the department store chain announced at the Tuesday meeting that its profit margin may drop 0.6 to 0.8 percent compared to last year. The chain had announced in January that it would be shedding 10,000 jobs and closing 68 stores after a lackluster holiday season.
- Coney Island meets Herald Square at Macy’s Flower Show 2017
- The history of Macy’s Thanksgiving Day Parade, a grand NYC tradition
- The History of Herald Square: From Newspaper Headquarters to Retail Corridor
- Midtown’s tiny Greenacre Park fights for light among sky-high skyscrapers
Tags : macy's
Neighborhoods : Midtown