11 May 2021
The Weekly
United States

Macy’s Inc. has renewed its commitment to its Herald Square flagship with $235mn of private investment in the surrounding neighbourhood. The retailer’s plan would upgrade Herald Square’s transit infrastructure and public realm into a modern, pedestrian-friendly urban space with upgraded subway access, improved transit connections and ADA-accessible elevators. To achieve these upgrades, Macy’s will leverage its underlying Herald Square real estate to build a commercial office tower above its iconic flagship store. The retailer previously revealed that a tower would be built above its flagship. The plan is expected to generate $269mn annually in new tax revenues for New York City, support 16,290 annual jobs and spark $4.29bn in annual economic output. Macy’s will invest $235mn to upgrade the Herald Square neighbourhood through the tower project.