Macy’s Considers Adding Public Rooftop Park to Flagship Manhattan Store

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Macy’s Inc (NYSE:M) is considering turning the top of its Manhattan store into a public park.

Macy's Considers Adding Public Rooftop Park to Flagship Manhattan Store
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The Macy’s store at  Herald Square in the retailer’s flagship location. The company says that it is considering turning the store into a public park that will include restaurants, trees and benches for visitors to enjoy.

“That store is getting more valuable by the day as the center of gravity in Manhattan shifts southwest to Hudson Yards,” Doug Sessler, Macy’s Inc’s Vice President of Real Estate, told New York Post.

Macy’s is hoping that creating a park on top of its flagship store will draw in extra customers. This could happen as customers wander around the retail location while making their way up to, or down from, the public park.

The Macy’s store on 34th Street definitely has the room for a park on top. The store’s roof its 2.2 million-square-feet in size. Let’s compare that to another public park in New York City: Central Park. Central Park is 1.137 square miles, which comes to roughly 36.7 million square feet. The flagship Macy’s store sits about a mile away from Central Park.

Macy’s possible plans for its Manhattan store are part of a larger effort the company is undertaking. This has it evaluating 50 of its 841 stores. It hopes to take unused space and parking lots at these locations and redevelop them. It isn’t know exactly what it plans to do at each of these locations, but maybe more parks are in consideration.


Article printed from InvestorPlace Media, https://investorplace.com/2017/06/macys-inc-m/.

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