Macy’s has announced sweeping plans to renew its historic Herald Square flagship location, by investing in upgrades to the area’s transit infrastructure and developing a “modern, pedestrian-friendly urban space” around the existing store.
The retailer has committed $235 million of private investment in the neighborhood upgrades, which will be funded in part by the addition of a commercial office tower above the retailer’s Herald Square store. The development plan was touted by community leaders as a vote of confidence in the future of Manhattan and a key revitalization effort after the devastating impact of COVID-19 on the city.
The renewal plan is expected to generate $269 million annually in new tax revenues for New York City, support 16,290 annual jobs and spark $4.29 billion in annual economic output, according to Macy’s.
“Macy’s Herald Square is one of New York City’s most iconic institutions, and as we plan for the future we are doubling down on our commitment to New York by reinvesting in our flagship location while committing $235 million in private investment to upgrade the Herald Square neighborhood through our tower project,” said Jeff Gennette, Chairman and CEO of Macy’s in a statement. “We are proud to make this leadership investment in New York’s recovery and are excited to welcome visitors back to Herald Square not only today, but for generations to come.”
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The project will upgrade and make permanent temporary plaza improvements that are already in place in order to ease overcrowding and congestion and allow for a safer, more inviting open space surrounding the store. Macy’s said it will work closely with local officials and other community stakeholders on the project, which currently includes plans to:
- Transform Herald Square and Broadway Plaza into a car-free, pedestrian-friendly space with upgraded connections to public transportation and substantial improvements to the Herald Square subway station;
- Ease pedestrian access at Broadway and 34th Street while creating new, efficient transit entrances to the Herald Square subway station near Penn Station;
- Enhance entry to the Herald Square subway station at Greeley Square by adding a significantly improved new gateway entrance; and
- Add ADA-accessible elevators at the 7th Avenue-34th Street and 35th Street-Broadway subway entrances while creating additional pedestrian space on the northern edge of Penn Station.
Macy’s Herald Square location will remain open throughout the project. The Herald Square store opened its doors in 1902 and grew to 1 million square feet of retail space with its 1924 expansion from Broadway to Seventh Avenue along 34th Street. The store expanded again in 1931 when it annexed the Seventh Avenue building. While the design of the new building is still being developed, Macy’s said in a statement that it will be a “contextually appropriate addition to the neighborhood and add complementary density to this transit-oriented development district.”
“New York is the retail capital of the world and Macy’s is a leader in our industry,” said Melissa O’Connor, President and CEO of the Retail Council of New York State in a statement. “Today’s announcement is a resounding vote of confidence for Manhattan and the entire state, and a strong indication that New York’s retailers and consumers will drive this economic recovery.”
