Macy’s 60-year-old ‘buying bag’ billboard in – Business News
The iconic Macy’s “shopping bag” billboard that has loomed over Herald Square for more than 60 years is slated to be demolished and eliminated this weekend, The Post has realized.
The four-story, red-and-white fixture – tucked into the cut-out nook of the flagship at Broadway and West thirty fourth Street — rests atop a 2,200-square-foot retail space owned by Kaufman Realty, which for years has been leased out to a Sunglass Hut store.
Macy’s and Kaufman have been in negotiations in regards to the advert space, a source with data of the state of affairs informed The Post. It couldn’t instantly be realized what precisely will change the buying bag, however the billboard is anticipated to be “modernized,” the source mentioned.
This Macy’s billboard has been a fixture in Herald Square for more than 60 years. Getty Images
The change is coming as large, splashy, LED-screen billboards like those who mild up Times Square command more and more profitable advert charges, real estate consultants mentioned.
Macy’s confirmed that the billboard is scheduled to be eliminated this weekend however declined to elaborate on what’s going to change it or whether or not Macy’s will make a bid to proceed utilizing the space.
“As the neighborhood continues to evolve, the current sign – while beloved – is outdated and will be removed as part of broader updates by the billboard owner to modernize the space,” Macy’s mentioned in a assertion to The Post.
The company additionally mentioned it would “soon announce refreshed and dynamic branding for Macy’s Herald Square that honors our heritage while reflecting the future of our flagship.”
A separate building has been nestled into the nook of Macy’s flagship store on thirty fourth St. and Broadway, as seen in this photograph from the early twentieth century. Getty Images
Kaufman’s chief govt Edward Hart informed The Post he was out of city on Friday and declined to remark.
Macy’s sued Kaufman in 2021 over the billboard, alleging that the real estate firm was planning to lease the space to online retail rival Amazon after the Macy’s lease expired.
“To the naked eye, the Billboard is on Macy’s department store and in its own right iconic,” in accordance with Macy’s criticism.
Macy’s mentioned the billboard signal is “beloved” however “outdated.” Andriy Blokhin – stock.adobe.com
Macy’s argued that an settlement it signed with the building’s proprietor in 1963 prevents the owner from leasing the billboard to a competitor of Macy’s – a prohibition that lasts “forever,” in accordance with the lawsuit.
Kaufman allegedly disagreed with Macy’s interpretation of the settlement, in accordance with the lawsuit.
The real estate firm’s lawyer allegedly mentioned that Kaufman has “the right to license the sign space to any off-site advertisers” and can “proceed with alternative advertisers,” in accordance with Macy’s criticism.
The firms seem to have settled that lawsuit.
