Macy’s rival might nab coveted ad space on corner – Business News
Macy’s is as soon as again going through the menace of a rival retail model promoting proper in entrance of its flagship store in Manhattan after its iconic procuring bag signal was torn down there over the summer time, The Post has realized.
The awkward prospect comes as Kaufman Realty — which owns space within the corner of the large division store at Broadway and thirty fourth Street — is putting in new four-story digital billboards the place the large Macy’s bag was perched for 60 years. The signal was torn down in July after the store failed to achieve a deal with the real estate firm.
Now Kaufman is courting “big national companies that do billions in annual sales” to promote on the billboard, in line with Meridian Retail Leasing President James Famularo, whom Kaufman employed a number of months in the past.
The iconic Macy’s procuring bag billboard was torn down in July after a 60-year run. Luiz C. Ribeiro for NY Post
Kaufman can be trying to doubtlessly lease the tiny space on the base of 1313 Broadway the place a Sunglass Hut was, Famularo advised The Post.
“We are talking to a lot national brands,” he mentioned. “The conversations I’ve been having is that the tenant wants both sides of the billboard to rotate their product on different sides.”
The coveted corner attracts over 240,000 pedestrians per day, and the little retail space is on the market “for the first time in over 30 years,” in line with Meridian’s advertising materials.
The Sunglass Hut closed final week after a decades-long run on the location, as did a Burger King beneath the store and by an entrance to the Herald Square subway. It’s not clear whether or not Sunglass Hut declined to resume its lease, and the company didn’t instantly reply to a request for remark.
Kaufman is asking for $2.2 million per yr for the 1,300-square-foot-space, in line with a source.
Macy’s claims that “to the naked eye, the billboard is on Macy’s department store.” Luiz C. Ribeiro for NY Post
Macy’s declined to remark on the newest with the ad space.
“We’re always actively looking for opportunities that promote the Herald Square flagship to New Yorkers, and tourists around the globe,” a spokesperson for the retailer mentioned.
In June, the retailer advised The Post it should “soon announce refreshed and dynamic branding for Macy’s Herald Square that honors our heritage while reflecting the future of our flagship.”
That similar month, Kaufman CEO Edward Hart mentioned, “We are in discussions with Macy’s, no question about it.” He declined to remark for this text.
Macy’s says it has a “restrictive covenant” tied to the land that prohibits a competitor from promoting at 1313 Broadway. Getty Images
Back in 2021, Macy’s sued Kaufman when it realized Amazon was poised to take over the billboard after Macy’s lease for it expired.
“To the naked eye, the billboard is on Macy’s department store,” Macy’s mentioned within the lawsuit filed in state supreme courtroom.
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The company claimed that Kaufman was certain by a “restrictive covenant” that’s filed within the Office of the City Register and mentioned the real estate firm was “forever” prohibited from making an promoting deal with a Macy’s competitor.
Kaufman dismissed Macy’s claims, saying it has “the right to license the sign space to any off-site advertisers” with out restrictions.
Amazon ended up not promoting on the billboard.
Macy’s place has not modified, sources with information of the retailer’s pondering advised The Post.
