After $2 billion worth of construction, The Shops & Restaurants at Hudson Yards will open to the public on March 15. The complex features seven stories and nearly 720,000 square feet of leasable space that is home to more than 100 luxury and specialty stores.
The Shops are home to New York City’s first Neiman Marcus store, two-story mini anchor presentations by Zara and H&M, and a multitude of fashion and beauty brands including Aritzia, Athleta, Banana Republic, Coach, Kate Spade New York, Kiehl’s, Sephora, Stuart Weitzman and Tory Burch.
Neiman Marcus has recently embarked on a major turnaround effort under CEO Geoffroy van Raemdonck known as “Project Rolex” to pay off $4.8 billion in debt, recently extending loan maturity dates by three years. After seeing a slight 0.7% comparable sales increase in the holiday quarter, building a New York City store could help boost sales in an area where the retailer already has a massive customer base.
In fact, annual NeimanMarcus.com sales reach a combined $100 million among New York City residents, the Dallas News reports. With online sales from the Greater NYC metropolitan area, this number doubles to $200 million.
Hudson Yards is going beyond household names to drive shoppers into the complex. The second floor of the mall is home to former e-Commerce pure plays such as footwear retailer M. Gemi, men’s fitness apparel seller Rhone, sock maker Stance and the specialty men’s underwear merchant Mack Weldon. The parent company of online beverage company Dirty Lemon will open the Drug Store, a cocktail bar and cashierless shop that sells lemonade drinks with charcoal, matcha and turmeric.
The Shops also will feature a hotel, unique restaurant concepts and an exhibition space. Overall, the complex is just one piece of the $25 billion, 28-acre Hudson Yards real estate development project being constructed by Related Cos. and Oxford Properties Group.
Tourism will be a factor in the mall’s success, as it is at the Westfield World Trade Center shopping center located in Lower Manhattan’s Oculus. Across the street, the Jacob Javits Convention Center attracts more than two million visitors a year. The development is along Manhattan’s High Line, an elevated park and trail structure that gets 10 million visitors a year.
Attendees of the 2019 Retail Innovation Conference (RIC19) will have an opportunity to visit the new luxury shopping center on May 6 for the exclusive Store Tours at Hudson Yards. Participants will get guided tours from executives representing several retail brands as well as the chance to experience the cutting-edge innovations that set the complex apart from traditional shopping centers.
The event will be capped off by an opening night cocktail reception, and the RIC19 conference will continue at Convene on May 7 and 8.