A new-age mega-mall in New York City coined “Hudson Yards” is now open for business.
Besides featuring 1 million square feet of popular retailers like Sephora and Louis Vuitton, there will be an array of restaurant concepts.
Hudson Yards developers have created the mega-mall with culinary experiences paired with convenience in mind.
“In addition to being located steps away from each other, several restaurants will have cafe or takeaway outposts offering “picnic versions” of meals should diners want to enjoy their food elsewhere or outside. There is also the ability to order via an app that streamlines delivery and pick up services across all Hudson Yards food properties, which Stuessi feels will be especially handy for the thousands of workers who’ll have offices with entrances that feed directly into the restaurant floors,” writes “Vogue.”
But there are also fine dining restaurants like Kāwi and Peach Mart by Momofuku and TAK Room by Thomas Keller.
In terms of retail, there will be a section dedicated to retailers that were previously online-only retailers.
These popular online brands, including show retailer M. Gemi and men’s athletic apparel company Rhone will be on the “Floor of Discovery.”
It’s an interesting transition, especially as other retail brands like Gap and Victoria Secret are focusing more on online business and are instead closing underperforming stores.
“We think about this as a long-term deal,” said Brian Berger, founder, and CEO of Mack Weldon, who is opening the first brick-and-mortar store at Hudson Yards.
Many are using these stores as a test to see if they can thrive in a normal retail setting.
“The statistic is in the markets where you have physical retail, the [e-commerce] business in that market increases by about 30 percent,” said Berger.
Some online retailers have aggressive plans to enter the retail space. The online mattress maker Casper, for example, plans to open at least 850 stores by 2023.
Hudson Yards isn’t the only mall to do this either. Malls across the country are introducing these online-only brands to entice new business.
“A business known as Fourpost is doing something similar at the Mall of America in Minnesota. And then there’s Neighborhood Goods, often referred to as the “department store of the future,” which is opening up stand-alone locations that house digitally native brands — like men’s wellness company Hims and sneaker marketplace Stadium Goods — and is soon coming to New York. A concept called HiO, headed by a former top real estate exec at Gap, is testing a space for online brands in a shopping center in Brooklyn,” writes “CNBC.”
The E-commerce giant Amazon has lofty goals to expand into the traditional retail space with its Amazon Go stores. Watch this past episode of The Barron Report to learn more about the Amazon Go stores and how these cashier-less stores are changing the retail space forever.