H&M, purveyor of “cheap chic” fashions, is reportedly checking out five-level space on Manhattan's Union Square. The speculative site is currently home to Bradlee's.
The neighborhood is a hodge-podge of retail, restaurants and entertainment, and is serviced by a major subway station. Plus, New York University supplies the area with ample consumers.
The site in question is currently controlled by H&M's Fifth Avenue landlord, Vornado. H&M has the opportunity to leverage some of the start-up costs by signing a lease with same lessor. Vornado also controls part of the former Alexander's site on Lexington Avenue — where another H&M in expected to go up next year.
In fall, H&M's second store will open on Broadway at 34th Street.
The question remains, could the city do with four portions of the Swedish bombshell? Well, last week hundreds of Fifth Avenue shoppers tolerated standing in lines to take advantage of a 50-percent-off sale, so “yes” might be a safe assumption.