Department stores are thriving in a city where they were once written off, aided by a wave of tourists and a clutch of big new developments.
First, Nordstrom announced it would open its inaugural New York City store on West 57th Street. Neiman Marcus followed, unveiling plans for its first New York store, a 250,000-square-foot flagship at Hudson Yards, west of Penn Station. Saks Fifth Avenue said it plans to open its second Manhattan outpost, at Brookfield Place downtown, and Nordstrom is already said to be shopping for a second store, in lower Manhattan.
Not since the days of Miracle on 34th Street, when the Macy’s Santa famously directed shoppers to archrival Gimbels, has New York City been such a department-store town. …
Read more >
Crain’s New York Business 12/7/2014