TJ Maxx set to open new store in Herald Square
NEW YORK - A major off-price retailer is expanding its footprint in Manhattan with a new store planned for the heart of Midtown.
What we know:
TJ Maxx is set to open a roughly 45,000-square-foot location in Herald Square, marking one of the largest retail lease deals in New York City in the past two years, according to commercial real estate firms involved in the transaction.
Dig deeper:
The store will be located inside Herald Towers, a property owned by JEMB Realty.
NEW YORK, NEW YORK - APRIL 29: People walk past a TJ Maxx store during the coronavirus pandemic on April 29, 2020 in New York City. COVID-19 has spread to most countries around the world, claiming over 227,000 lives with infections of over 3.2 millio
Ripco NY, a commercial real estate brokerage, said it helped secure the deal. The opening will mark TJ Maxx’s first new New York City store in more than a decade.
Herald Square: H&M, Vistoria's Secret
The discount retailer will join several mass-market brands in the area, including H&M and Victoria’s Secret, further anchoring Herald Square as a major shopping destination for locals and tourists.
The deal comes as several luxury retailers have struggled amid economic uncertainty.
By the numbers:
Saks Global, for example, filed for bankruptcy earlier this year. Off-price and discount retailers, however, continue to show resilience, a trend real estate experts attribute to consumer demand for affordability.
"We’re a $2.5 trillion GDP city," said Joshua Singer, a vice president at Heller Real Estate Services. "The reports of the early demise of New York City were, of course, unfounded coming out of COVID. Herald Square represents an intersection of commercial, residential and tourism traffic."
NEW YORK, NEW YORK - JULY 28: People wearing masks are seen walking in and out of TJ Maxx in SoHo as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on July 28, 2020 in New York City. The four
Singer’s firm recently brokered a similar deal for Burlington Coat Factory, which is developing a 45,000-square-foot store in Jackson Heights, Queens.
In a statement, JEMB Realty executive Jacob Jerome said the company is "proud to welcome TJ Maxx alongside Old Navy, further accelerating the resurgence of Herald Square retail and reinforcing the corridor’s role as one of the most important shopping districts in the country."
Why you should care:
The new TJ Maxx store is expected to open to shoppers by the end of the week, according to property owners.
The Source: This report is based on information from JEMB Realty and FOX 5 NY's Kendall Green.