Old Navy, Gap Inc.’s biggest brand, has struck a deal for a new 55,000sq ft flagship store in Herald Square, becoming the top retail lease in New York City so far this year.
Located in a key Midtown shopping district, the new location will be steps away from the Macy’s Inc. Herald Square department store that serves as the backdrop to the Macy’s Thanksgiving Day Parade.
Old Navy’s new store will be two floors and is set to open next year. It will close its 150 West 34th Street location and employees who worked at the store are able to apply to the new location, according to a spokesperson.
“This new location will enable us to deliver a fresh, immersive, digitally led experience,” said Haio Barbeito, Old Navy’s President and Chief Executive Officer, in a statement. The brand is looking to modernise its customer experience, he added.
While the pandemic weighed on Manhattan’s retail tenants, the city’s shopping corridors have started to bounce back. Luxury brands went on a buying spree for properties along Fifth Avenue and major brands such as Ikea have unveiled plans for new retail spots.
