Swedish retail giant H&M is opening its third store on 34th Street, across the street from American retail giant Macy’s. The newest H&M will be in Herald Center, struggling since the death last year of Daffy’s, the NYC discount chain. in upstairs floors and the ongoing near-death of JCPenney in the basement.
The new H&M will be the chain’s largest single outlet anywhere in the world. The news was tooted by the 34th Street Partnership, which doesn’t say whether the new superstore will prompt the closing of the other two H&M outlets less than a block away. I’m predicting we’ll be reading that soon.
It’s good news for Herald Square, which is returning to its position as world’s most important and profitable shopping destination. H&M on the SW corner, and Macy’s, on the NW corner, are both undergoing $400 million renovations, and the other two corners feature a Victoria’s Secret flagship on the NE corner, the company’s highest grossing store; and a Gap flagship on the SE corner. There’s also a Uniqlo within a couple of blocks. That’s the Japanese retail giant.
H&M Herald Center is due to open in Fall 2014.
So much has changed since I was growing up, and shopping on 34th St. meant Macy’s, Gimbels, Saks 34th St, Franklin Simon, and Orbach’s.