Westfield World Trade Center to reinvigorate downtown retail market in Manhattan
By Kristopher Fraser
Aug 17, 2016
New York - Westfield's shopping mall at the Oculus at World Trade Center is now home to numerous shops and plenty of customers. It should be noted that the grand opening of the mall was originally expected to be some time in 2001.
The mall consists of 365,000 square feet of retail space spread over the equivalent of 10 city blocks. 13 subway lines and the PATH train all converge at the center, which will help drive massive retail traffic. Over 300,000 commuters pass through the center and the site also sees millions of tourists thanks to the 9/11 Memorial.
“We will do a billion in sales a year,” declared Peter Lowy, Westfield’s co-chief executive, to the New York Post. The mall is also reportedly has downtown's highest rents.
Westfield World Trade Center to be Manhattan's new premiere shopping destination
The center is projected to do 2000 dollars to 3000 dollars in sales per square foot once all the shopping facilities are complete. It is predicted that Westfield will be one of the most productive retail sites in the world.
Westfield is seen as a competitor to nearby Brookfield Place, which has a lineup of luxury brands like Gucci, Hermes, Diane von Furstenburg, and Theory. Westfield has reportedly spoken to luxury brands like Ralph Lauren, Louis Vuitton, and Giorgio Armani. However, Westfield will be taking a more populist approach to their stores given that store sizes will only range from 800 to 8000 square feet.
Downtown Manhattan's demographics have moved greatly in favor for successful retail growth. The growth in downtown residents has quadrupled to over 60,000, and the average household income is 206,000 dollars, and the average salary is 122,000 dollars.
Some retailers set to move into Westfield so far include Kate Spade, Hugo Boss, Kit & Ace, John Varvatos, and Stuart Weitzman. Other more affordable priced retailers will include H&M, Follie Follie, and Aldo. The center will also feature an Eataly as a food attraction. About 30 percent of the space in the center will be dedicated to food.
The site will be a welcome landmark to New York City, and excellent for business.
photo via Westfield.com