News

Lower Manhattan getting retail makeover

July 30, 2012

Lower Manhattan is developing nearly 1 million square feet of retail space, but many wonder if there are enough shoppers and demand to fill the space, according to the Wall Street Journal. Developers and brokers, however, said there is significant pent-up demand since the destruction of the World Trade Center and its underground mall.

Despite a daytime population of wealthy financial workers, millions of tourists and a growing residential population, Lower Manhattan is behind other busy parts of the city in terms of shopping options, the story said. In the past, Lower Manhattan's retail stores haven't been enticing, thanks to confusing side streets and shadowy storefronts. The new stores will have more glass with large, bright public spaces, more food and a variety of retailers.

The developers, according to the WSJ, want the new centers to be different from the World Trade Center mall, which was geared to financial workers. The goal is to have a department store that is a destination for both tourists and area residents.

Read more about store design and layout.