The retailer has announced its vision for renewing its commitment to its flagship Herald Square store, including $235M of private investment in the surrounding neighbourhood.
Macy’s plan would upgrade Herald Square’s transit infrastructure and public realm into a modern, pedestrian-friendly urban space with upgraded subway access, improved transit connections and ADA-accessible elevators. To achieve these upgrades, Macy’s will leverage its underlying Herald Square real estate to build a commercial office tower above its iconic flagship store.
“Macy’s Herald Square is one of New York City’s most iconic institutions, and, as we plan for the future, we are doubling down on our commitment to New York by reinvesting in our flagship location while committing $235M in private investment to upgrade the Herald Square neighbourhood through our tower project,” said Jeff Gennette, Chairman and CEO of Macy’s, Inc. “We are proud to make this leadership investment in New York’s recovery and are excited to welcome visitors back to Herald Square not only today, but for generations to come.”
“Macy’s investment in the Herald Square neighbourhood, one of New York City’s most heavily trafficked and visited destinations, is a real marker that the city is set to come roaring back,” said Melva M. Miller, CEO, Association for a Better New York. “As an institution with a century-long track record in New York, we commend Macy’s for not only paving a way forward but also for being a great community steward and helping make the Herald Square experience more enjoyable for locals and tourists alike by enhancing the area and offering much-needed transit improvements.”
