Posted: April 21, 2014
Hello to Neiman Marcus at Hudson Yards? The latest rumor at the upscale retail destination
Neiman Marcus at Hudson Yards? Is it possible?
That's the latest rumor, it seems. And the news, if true would be in equal measure perfectly sensible and perfectly surprising.
On the sensible side, Hudson Yards' 1 million s/f of retail clearly requires a fashion anchor in addition to Fairway, and all of the other traditional and upscale department stores already have a location here, now that Nordstrom is committed to West 57th St. in 2018. Malls both upscale and midmarket have been struggling for years to fill vacant department stores as that industry has consolidated. Neiman's is the only major retail anchor without a space in New York City, and there aren't too many vacancies of that size available. Plus, this would further establish an identity for Hudson Yards as an upscale retail destination. And Neiman's merchandise mix does not compete with office tenant Coach, which reportedly has precluded certain brands from opening at the complex as part of its lease.
But there are questions. Neiman's has avoided New York City in large part to avoid competing with sister store Bergdorf Goodman. And Hudson Yards is very far west of the luxury stores that generally locate around the Dallas legend. Developer Related Cos., though, typically knows how to attract the right tenants to its projects. If this report does come to pass, New York's retail scene will only be even brighter!
It certainly remains busy in other parts of town. Gap has taken a three-level space at 170 Broadway (a future Marriott Residence Inn). Madewell will make its Upper East Side debut at 1144 Madison Ave. Celine's SoHo location will be 67 Wooster St. Down the street at 136 Wooster, Adidas Original Neighborhood will offer limited addition footwear later this year. The Art of Shaving will open its eighth city location at 1140 Third Ave. Ricky's founder Ricky Kenig, who left his namesake company last year, has opened Kenig + Alcone, a shop focusing solely on makeup and skin care at 538 Sixth Ave. Also new on the beauty front is Sephora's chief rival Ulta, coming to the Mall at Bay Plaza in the Bronx and B Dry Blow Dry Bar at 88 Leonard St. Cartier's temporary shop has opened at 767 Fifth. It will be the jewelry legend's flagship for two years as its 52nd St. home is renovated. Children's apparel maker Hartstrings will have its first Manhattan store at 1114 First Ave. Urban Outfitters' Herald Square flagship will debut at 1333 Broadway in June. Add Birchbox to the etailers-turned retailers after testing a pop-up, with reports saying a West Broadway location is likely. Consignment great INA's newest and largest branch has opened at 110 East 13Âth St.
I certainly expect to learn more about the plans for Hudson Yards and other developments around the city and country in just a few weeks at RECon, the International Council of Shopping Centers' annual gathering in May, so expect updates shortly. And my team will be out and about at the show, so please contact my office for an appointment!
Another highlight of the conference for me will be the CREW Breakfast at RECon, the return of the joint session with Commercial Real Estate Women's Network (of which I'm a proud board member). The breakfast, to be held Monday, May 19th from 7:30 to 9 a.m. in room N4 at the North Hall of the Las Vegas Convention Center, will feature guest speaker Jean Chatzky, financial editor for NBC's Today Show and best-selling author. A terrific way to network for CREW members and all, this breakfast was always a highlight of the conference, and we're all delighted it's back on the schedule. You must be registered at RECon to attend. For more information, and to register, visit http://reconlasvegas.icsc.org/2014RECON/index.php.
And NYCREW's schedule grows ever more busy. Our next industry spotlight will be a focus on "The Revival of Commercial Real Estate Lending and Beyond: Where are We Heading?" discussed by: moderator Karen Fiorentino, shareholder and president of The Fiorentino Law Firm; John Barker, senior originator, Bank of America Merrill Lynch; Kim Diamond, senior managing director and head of finance, Kroll Bond Ratings; Brett Kaplan, managing director/head of origination, LoanCore; Mark Lanspa, executive vice president, hospitality/finance group, Wells Fargo; and Stephen Melidones, senior vice president and senior banker, KeyBank Real Estate Capital. The panel, open to all, will be held Thursday, May 8th, at the offices of Bingham McCutcheon, 399 Park Ave. from 6 to 8 p.m.
Our spring program will conclude as always with our annual Tri-State CREW Inter-Chapter Dinner, a joint event with AREW, CREW CT and CREW N.J. that raises funds for CREW Network Foundation, the only foundation dedicated solely to advancing women in our industry. We will gather for cocktails, dining and a raffle on Thursday, June 19th from 6 to 8:30 p.m. at Vermilion, 480 Lexington Ave. For more information and to register for all of these programs, visit www.nycrew.org.
Happy shopping!
Faith Hope Consolo is the chairman, the retail group, at Douglas Elliman, New York, N.Y.
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