"The new store, in Herald Towers, a historic hotel turned apartment building on 34th Street and Sixth Avenue owned by JEMB Realty, will take over what some may remember as the Gap store on the corner. Since the clothing brand left in 2020, the space has been largely vacant, save for some pop-ups. But leasing in the building seems to be turning around; TJ Maxx will join several other new stores opening there, including an Old Navy, scheduled to open later this year."
"For decades, Herald Square was one of the city's busiest shopping districts, known for the dense crowds making their way to the Macy's flagship and other mid-tier, mass-market retailers in the area. But after the pandemic, foot traffic dropped significantly. It had the highest availability rate of the city's retail corridors at 33.9 percent in the fourth quarter of last year, according to Cushman Wakefield, the same as a year before (this number includes both vacancies and soon-to-be-vacant spaces seeking new tenants)."
TJ Maxx signed a 40,000-square-foot lease for a new Herald Square store, marking its first New York City opening in more than a decade. The space is in Herald Towers and will occupy the corner storefront once held by Gap, which vacated in 2020 and left the space largely empty except for pop-ups. Leasing activity in the building is increasing, with Old Navy slated to open later this year and Primark planned for a nearby former Old Navy flagship. Herald Square experienced steep post-pandemic declines in foot traffic and had a 33.9 percent retail availability rate in Q4, among the city's highest.
Read at Curbed
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