Wal-Mart all set to make it here: big box king to open first store in New York City.King big boxer, Wal-Mart, is finally coming to 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. , the number one retail market in the country. The opening, planned for 2008 in a 135K-s/f Vornado-owned location on Queens Boulevard Queens Boulevard is a major thoroughfare in the New York City borough of Queens, forming part of New York State Route 25. Location It runs northwest to southeast across more than half the length of the borough, starting at the Queensboro Bridge in Long Island City and in Rego Park, Queens Rego Park is a diverse neighborhood in the central portion of the New York City borough of Queens. It is bordered to the north by Elmhurst and Corona, the east and south by Forest Hills and the west by Middle Village. The neighborhood is part of Queens Community Board 6. , came as no surprise to city retail experts. "I can't say that I was shocked when I heard they're coming to the city," said Jim Downey, a senior director of national retail accounts at Cushman & Wakefield. "We already have big box retailers, like Home Depot The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services. Headquartered in Vinings, just outside Atlanta in unincorporated Cobb County, Georgia, Home Depot employs more than 355,000 people and operates 2,164 big-box , Lowe's, Target and Kmart, it was only a matter of time before Wal-Mart moved in. This is such a vast market and the sales volumes are so high, it's just a place that can't be ignored." Fuelled by the renaissance of the city's residential real estate market, and the consequent expansion of its already formidable consumer base, big boxes have promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. . But while Wal-Mart might exceed its rivals in size, it has lagged in establishing a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of presence. The retailer began operation in Arkansas and has grown geographically outward, expanding into rural and suburban centers but leaving the coasts conspicuously untapped. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Wal-Mart spokesperson, Mia Masten, the company's Queens store is part of a strategic shift to better tap urban markets. "We feel there's an enormous opportunity for growth in coastal urban locations and those are the markets that Wal-Mart is starting to pursue," she said. The question is, just how much growth does Wal-Mart plan to do in the city? Although Masten would not comment on the possibility of more New York stores, many experts feel that the Queens location is only the first step in a push for a Manhattan address. Wal-Mart's partnership with Vornado to develop the Queens site could aid in such future expansion. Landlord to Home Depot--which vaulted from the outer boroughs and into the Bloomberg Tower--Vornado has just the kind of expertise necessary to bringing WalMart into Manhattan, where space suitable for big-box layouts is notoriously rare. "Vornado has distinguished itself as a leader of the pack in terms of its retail development in Manhattan," Downey said. "It brought H&M into the city and did a fantastic job of making that a successful retail endeavor. They're really the go-to guys when it comes to bringing a retailer into Manhattan." But according to Downey, the essential key in a possible Wal-Mart transition into Manhattan will be the versatility and creativeness of its layout and product line. "You can't go buy sheetrock at Home Depot in the Bloomberg Tower One Beacon Court (also called the Bloomberg Tower), is a skyscraper on the East Side of Midtown Manhattan. It houses the headquarter of Bloomberg L.P. It is located at 731 Lexington Avenue (between East 58th and 59th streets). , like you would be able to do at any suburban location," Downey said. "A city version of a big-box is typically a little different, the products might be a little higher end, and the layout may be different due to space constraints. The retailer has to be able to adapt its style, which can be challenging." |
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