Apple backs off third NYC retail location
updated 09:20 pm EST, Thu January 25, 2007
Apple backs off Manhattan
Apple is backing off its plan to build a multi-level store on 34th St. between Fifth and Sixth avenues. According to Forbes, Apple is having second thoughts on its third retail store after leasing space from a joint venture between SL Green Realty Trust and developer Jeff Sutton. The company is reportedly wary of the location's coolness and had plans to put the site up for sublease. Previous reports indicate that Apple's third retail location would be a new 30,000-square-foot, four-story retail outlet with about 75 feet of frontage along 34th St. Reports indicate that Apple was willing to pay rent of about $5.5 million a year and go through many hoops to procure the location.
"The team had to negotiate more than six separate transactions and explore the outer reaches of the New York City building code with help of several consultants," SL Green's chief investment officer told analysts during its third-quarter conference.
The planned store was located just west of Fifth Avenue and south of the company's flagship Fifth Avenue Store location, which welcomed its one millionth visitor in mid-September. The comapny's Apple Store SoHo welcomed its five millionth visitor in April of last year.
Apple had doubts about the compatibility of its leading-edge image with that of middle-America 34th St., at least as it currently stands, the report claims. Despite neighbors such as Gap, American Eagle Outfitters, and Forever 21, Apple was turned off by the third-rate tourist merchants and rip-off artists, according to one retail broker quoted by the publication: "Unfortunately, a lot of the old 34th St.--third-rate tourist merchants and rip-off artists--still remain."
Retail experts, however, said that the store would have been profitable, but fears of a tarnished image have moved Apple sights elsewhere. The same article notes that Home Depot also abandoned plans for a store in Manhattan.
"That both Home Depot and Apple had the moxie to make major commitments to these extremely promising stores, but in the end were unable to follow through, speaks volumes about the challenges facing anyone in the search for a new way forward."
Better location
01/25, 11:26pm reply
Upper West side near Columbia.
Dave Barnes
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Joined: Apr 2002
best location
01/26, 01:04am reply
The Shops at Columbus Circle.
davedawgnyc
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Joined: Oct 2005
Hmmmm
01/26, 07:57am reply
Hard to tell when Apple goes for the money or the image. 34th street would absolutely make it's numbers, there's plenty of foot traffic. Still, the "sleazy merchant" store fronts are little in evidence around Fifth, more like across from Macy's much farther west.
While I'd love "near Columbia" I doubt it would ever happen, there just aren't enough yuppies up here. BUT Columbus Circle area would be very interesting. The Time Warner building is very much a destination location for the upscale and the whole west side could very well contain the highest concentration of Mac users in Manhattan. SoHo and Fifth avenue tend to attract huge numbers of tourists, so they probably move a lot more Pods than computers, Columbus Circle would tend to attract far more real computer users; well, on second thought, they really are more interested in Pods a CE than actual computer users... so never mind!
paulc
Junior Member
Joined: Aug 2000
34th Street?
01/26, 08:06am reply
That block of 34th Street is a high-rent 14th Street...and that ain't good! It's WAAAAAY below the Fifth Avenue or SoHo stores on every level. As far as the 34th Steet "coolness factor"... there's ZERO coolness there. there's more of a shabby factor there. I've been working in the Empire State Building, so I see it nearly every day.
A store at Columbus Circle makes no sense as it's only a 15 minute walk from the Fifth Avenue store and there's not nearly the sheer volume of foot traffic there.
Apple should stick with the 2 NYC stores they have now. They're both well situated and accessible from all the different subway lines.
JeffHarris
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Joined: Oct 1999
Home Depot?
01/26, 08:08am reply
To correct the article...
There IS a Home Depot store in Manhattan. West 23d Street, between 5th and 6th Avenues. It's been there at least 2 or 3 years.
JeffHarris
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Joined: Oct 1999
the BEST...
01/26, 08:09am reply
Astoria, Queens all the way!! :P
eldarkus
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Joined: Feb 2004
Good move.
01/26, 09:14am reply
Three locations in NYC is too many. They should open one at the Tanger Outlets in Riverhead.
Bad enough (for them) that they opened a location in Lake Grove. Ever been to Lake Grove? Nothing but illegal aliens and other charity cases. Expect it to close within 2 years.
Monstermind
Junior Member
Joined: May 2000
Home Depot on East Side
01/26, 11:26am reply
There is also a second Home Depot store on the East side on 3rd Ave and 58th Street, right next to Bloomingdale's...
marmotton
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Joined: Jul 2004
Apple Store at outlets?
01/26, 12:12pm reply
are you kidding?
climacs
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Joined: Sep 2001
home depot
01/27, 01:13pm reply
The article does not say there aren't any Home Depots in in Manhattan. They had plans to put a store in and they no longer have plans to do that.
Chris CA
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Joined: Dec 2002