REAL ESTATE

Neiman Marcus to open its first Manhattan store, at Hudson Yards

BY Marianne Wilson

New York — The department store wars are sure to heat up in Manhattan with the announcement that Neiman Marcus is coming to the Big Apple. The luxury retailer will open its first-ever location in Manhattan, in 2018. The 250,000-sq.-ft. three-level store will help anchor the new Hudson Yards development, a multi-use project located on the city’s West Side, between 30th and 34th Streets.

The 28-acre Hudson Yards is being developed by Related Companies and Oxford Properties Group. It will include more than 17 million sq. ft. of commercial and residential space, as well as public open space. Neiman Marcus will be located in the project’s retail space, the Shops at Hudson Yard.

"Hudson Yards presents the ideal location for a Neiman Marcus store. The project is a bold and innovative retail idea and one that complements how we view our Neiman Marcus Brand,” said Karen Katz, president and CEO of Neiman Marcus Group.

As part of its expansion plan into the New York region, Neiman Marcus will open a full line store in Roosevelt Field Mall in Garden City, New York, in February 2016.

Although Neiman Marcus currently does not operate any namesake stores in Manhattan, it owns the ultra high-end Bergdorf Goodman department store, on Fifth Avenue. The company announced a five-year plan to modernize Bergdorf Goodman. Called “BG 20/20,” the redesign includes the addition of space dedicated to designer and luxury women’s sportswear as well as the creation of “labs” to showcase new and emerging designers. The renovation project is scheduled to be completed for a 2020 opening.

Nordstrom is planning to enter Manhattan in 2018 also, with an outpost on West 57th Street near Carnegie Hall.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
REAL ESTATE

Market Basket to open four to five stores

BY Dan Berthiaume

Tewksbury, Mass. – The Market Basket supermarket chain is wasting no time in moving forward following its purchase by former CEO Arthur T. Demoulas for $1.5 billion on Aug. 28. According to the Boston Globe, Market Basket plans to open at least four new stores in Massachusetts the near future.

Cities slated for new Market Basket store openings reportedly include Revere, Attleboro, Littleton, and Athol, with Plymouth also under consideration. The Revere and Attleboro stores are scheduled to open by the end of 2014. Demoulas said that Market Basket will consider scaling back its new store openings from a planned four or five to two or three if that will help the company better manage the roughly $500 million in private equity debt which financed its recent purchase.

Demoulas was fired by his cousin Arthur S. Demoulas in June 2014, leading to a six-week employee and customer boycott in July and August 2014 that severely reduced products available on Market Basket shelves as well as the company’s profits. Arthur T. retained ownership of 49.5% of the company upon being terminated as CEO, and bough the remaining shares from Arthur S. and allied family members. Market Basket currently operates 71 stores in Massachusetts, New Hampshire and Maine.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
REAL ESTATE

Eastwood Towne Center signs J. Jill

BY Dan Berthiaume

Oak Brook, Ill. – Eastwood Towne Center has signed J.Jill, who selected Eastwood Towne Center as their only location in Central Michigan. This follows on the heels of recent opening announcements by Apple, Sephora, Gymboree and a newly expanded Forever 21, also exclusive to Eastwood in Central Michigan.

The 3,600-sq.-ft. J. Jill store will be located next to Express and American Eagle. J.Jill is expected to open in the late fall.

Eastwood Towne Center is a shopping, dining and entertainment destination and is minutes from Michigan State University in Lansing Charter Township, Michigan. It is an open-air lifestyle center featuring upscale retail tenants, home furnishing shops and a variety of dining and entertainment options. The center has a mix of national tenants and others exclusive to the market such as P.F. Chang’s, J. Crew, Ann Taylor and Pottery Barn.

"Eastwood Towne Center continues to optimize its offerings, transforming into a regional shopping destination not found anywhere else in Central Michigan," said Greg Goldberg, VP, leasing director, north region, Retail Properties of America Inc. "The addition of J.Jill continues to enhance Eastwood’s unique mix of exclusive retailers and we are excited to welcome them to our center."

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...