FORT WORTH, Tex. – J.C. Penney Co. Inc. is coming to Manhattan.
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The retailer announced today that it has signed a letter of intent for space in the Manhattan Mall, just a block from Macy’s lucrative Herald Square flagship, which is said to generate about $650 million to $675 million in annual volume. Michael Dastugue, Penney’s senior vice president for property development, made the announcement during a two-day meeting with Wall Street analysts here, confirming a report in WWD last week.
Penney’s first store will be about 150,000 square feet and require a reconfiguration of the mall, a company spokeswomen said.
Dastugue made the anouncement as he presented a growth plan for the retailer, which now has more than 1,000 stores, to open 250 new units by 2011. That goal includes 175 new stores and 75 relocations, and 80 to 90 percent of the units will be off the mall, he said.
Penney’s has stores in every New York borough except Manhattan. The Manhattan Mall is a 1 million-square-foot, mixed-use building on Sixth Avenue, between 32nd and 33rd Streets. It has 164,000 square feet of retail space on four levels. About 812,000 square feet of office space is occupied mainly by Bank of America and Interpublic Group. Vornado Realty Trust bought the mall from Argent in November for $689 million.