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City's East-West corridors: the chameleons of retailing.


Currently, the trend in retailing in New York City New York City: see New York, city.
New York City

City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S.
 is toward eclecticism eclecticism, in art
eclecticism (ĭklĕk`tĭsĭz'əm), art style in which features are borrowed from various styles.
, and it's not at all surprising that so many areas have undergone changes.

The Manhattan streets that seem to have underdone the most dramatic transformation are, understandably, the major cross streets that run straight across town from the east side to the west.

57th Street

Still anchored by Tiffany & Co. on one side and Bergdorf Goodman Bergdorf Goodman is a major, world-renowned luxury goods department store based in Midtown, Manhattan in New York City. It is owned by Neiman Marcus. History
Beginnings
 on another, what was formerly known primarily as a luxury goods district is now a mixed bag of retailing with something for everyone. New stores and restaurants are springing up all over 57th Street, from the new Sports Authority Sports Authority is the USA's largest full line sporting goods retailer. The company is headquartered in Englewood, Colorado. It operates over 400 stores in 45 U.S. states under the Sports Authority name. Total sales for the fiscal year ending January 29 2005 were $2.44 billion.  to Daffy's. Warner's has expanded, a new Swatch shop will also be on the block, Tourneau has the corner in the former IBM building IBM Building can refer to one of the following:
  • IBM Building, Johannesburg
  • IBM Building, Seattle
 next door to the 95,000 square-foot Niketown. Louis Vuitton The Louis Vuitton Company (more commonly known simply as Louis Vuitton) is a luxury French fashion and leather goods brand and company, headquartered in Paris, France. It is a division of the French holding company, LVMH Louis Vuitton Moët Hennessy S.A.  is constructing a U.S. flagship store next to the new Chanel building, and down the street you can find the new Holland & Holland.

42nd Street

Although this major corridor runs across town, most of the attention of late has been given to the new, revitalized Times Square district. As a retail consultant for this project, from the start I had envisioned it to be much like London's Piccadilly Circus - focusing on theme and entertainment, while including all of the unique stores, boutiques and restaurants for which Manhattan is so well known.

Forest City Ratner is already up and running. They have broken ground for their project, which will have a AMC (Advanced Mezzanine Card) See AdvancedTCA.  Theatre Complex, alongside Madame Tussaud's and HMV HMV His Master's Voice
HMV High Mobility Vehicle
HMV High Mileage Vehicle
HMV High Molecular Weight
HMV Heavy Maintenance Visit
HMV Hazardous Materials Vault (military vault for dangerous materials)
HMV Heavy Military Vehicle
. Joining them is a major retailer, Just for Feet, a 25,000 square-foot space positioned in the middle of this entertainment and retail complex on West 42nd Street in Times Square. Just for Feet is an athletic superstore with a strong marketing philosophy of entertainment. Their stores often include videos, basketball courts and frequent appearances by well-known sports celebrities. With this philosophy, they couldn't go wrong in the exciting new Times Square area.

Already opened is Hansen's Brewery on the corner of 42nd Street at Broadway, facing the Gap. Around the corner there will be a new Planet Hollywood joining the already successful Virgin Megastore on Broadway .

The 42nd Redevelopment project has long been anchored on the west by the Port Authority Bus Terminal The Port Authority Bus Terminal often referred to merely as "The Port Authority" is the main gateway for interstate buses into Manhattan in New York City. It is operated by the Port Authority of New York and New Jersey. , which has recently undergone a substantial and comprehensive overhaul of its retail activity. The facility includes such major names as Au Bon Pain Au Bon Pain (French: At the Place with the Good Bread) is a fast-casual bakery/cafe chain headquartered in Boston, Massachusetts. Louis Rapuano and Louis Kane founded Au Bon Pain in 1978. Pavailler contributed baking machinery to the venture. . Sunglass Hut, Radio Shack, Cosmetics Plus, Surf City Squeeze, Hudson News. Duane Reade, General Nutrition Center, Sweet Factory, Mrs. Fields Cookies, California Burrito and Timothy's Coffee among others.

There's also a touch of nostalgia, because the Port Authority also houses one of the two remaining bowling centers in Manhattan which has become the new meeting place for young professionals. The Bus Terminal is clearly not just buses!

34th Street

Over the years, this street has been so closely identified with Thanksgiving Day parades that it is strongly family-valued. Today, it's totally revitalized and is considered to be one of the hottest retail districts. Hundreds of thousands of shoppers are passing through the area every day.

It's also a major transportation hub, and is home to Madison Square Garden Coordinates:

Current arenas in the National Hockey League

Western Conference Eastern Conference
 and The Empire State Building. New on the boards is The Disney Store, soon to be joined by Victoria's Secret along side 9 West, across from The Gap, and rumors are that Old Navy will debut the block very soon.

On the horizon, soon-to-open K-Mart will be joined next year by Price Costco and B & H Photo superstore.

Brisk activity at Herald Center and the Manhattan Mall reinforce this vital area. New tenants include Watch World, Surf City Squeeze and J. Baker.

14th Street-Union Square

Perhaps one of the most dramatic examples of a Local Development Corporation/Business Improvement District's influence the area is experiencing a quickened pace of new retailers to the area that includes a 100,000 square-foot Barnes & Noble superstore; P.C. Richard & Son, and Petco, Inc.

Staples, the office supply superstore, is considering occupying space on Union Square East when Amalgamated a·mal·ga·mate  
v. a·mal·ga·mat·ed, a·mal·ga·mat·ing, a·mal·ga·mates

v.tr.
1. To combine into a unified or integrated whole; unite. See Synonyms at mix.

2.
 Bank vacates part of its building.

Bradlees is re-merchandising their site, which is located next to the new Shoe Mania superstore. The surrounding blocks are home to some of the best restaurants and cafes in the city, including the Gramercy Tavern, Blue Water Grill, Heartland Brewery and The Coffee Shop, to name a few.

Retailing is art ever-changing market, and a good broker has to stay ten steps ahead to watch for trends. We've seen enormous changes in these four neighborhoods in the past few years and it's certain that we'll see even more in the next few coming years.
COPYRIGHT 1996 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Author:Consolo, Faith Hope
Publication:Real Estate Weekly
Date:Oct 2, 1996
Words:780
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