Federated Department Stores Inc. (Cincinnati) has signed an agreement to develop a new Bloomingdale's store in New York's SoHo district. Construction is scheduled to begin in the spring, with a planned opening in fall 2003.
The new Bloomingdale's will occupy 124,000 square feet of retail space in the Canal Jean building, at 504 Broadway, between Spring and Broome streets. Canal Jean plans to cease operations at the property by January 2003, and to continue in business at other locations to be announced.
After Canal Jean exits the property, it will be remodeled to create a six-level department store that will offer collections of men's and women's apparel, cosmetics, shoes and accessories. The store also will offer a selected assortment of home merchandise, presented in lifestyle settings.
Other highlights of the store will include a dramatic new escalator well, rising from the lower level to the fifth floor along a classic SoHo brick wall. Architects are designing each level to capture the spirit of SoHo, keeping the details of a loft environment while adding details distinctive to Bloomingdale's. Particular attention will be paid to the exterior of the building, with windows uncovered to allow natural daylight into the store and adding illumination to Crosby Street and the Broadway facade.
“Bloomingdale's has been a special tradition for New Yorkers and visitors to this great city for more than a century,” says Terry J. Lundgren, Federated's president and chief operating/merchandising officer, “and now, as the only department store located in the vibrant SoHo area, Bloomingdale's will bring its most innovative styles to one of the city's most creative neighborhoods.”
Mayor Michael R. Bloomberg applauded Federated's move, saying, “Bloomingdale's decision to build a new store in SoHo is great news for shoppers and even better news for New York. Federated Department Stores'commitment clearly demonstrates the retail community's belief that New York is the place for future growth and prosperity. This new store will certainly be a tremendous asset to the area and will hopefully encourage others to invest in the future of Lower Manhattan.”
Bloomingdale's, which operates 26 stores in New York, New Jersey, Massachusetts, Pennsylvania, Maryland, Virginia, Illinois, Minnesota, Florida and California., had $1.7 billion in sales in 2001. Federated, with corporate offices in Cincinnati and New York, has annual sales of more than $15 billion. It operates more than 450 stores in 34 states, Guam and Puerto Rico, under the names of Macy's, Bloomingdale's, The Bon Marche, Burdines, Goldsmith's, Lazarus and Rich's.