A few weeks ago, Macy's put its Downtown Brooklyn store on the market, leaving shoppers to wonder if the department store had given up on the borough. But now, according to The Real Deal, Fulton Street will likely get two Macy's-branded stores in that location.
Basically, the sale of 422 Fulton Street (plus the garage next door at 11 Hoyt Street, which offers an additional 584,000 square feet of development rights) has strings attached: Prospective developers are being asked to submit plans that include either a brand new store totaling 300,000 square feet—much smaller than the current location—or rehabilitation plans for the existing structure, plus a small Bloomingdale's Outlet store that will also face Fulton Street.
Press representatives for Macy's declined to comment on the sale. "Brooklyn is an important market for Macy's, and we are studying ways to improve our business [there]," a statement released to TRD read in part.
The company had previously put plans in motion to renovate this store on its own, which would have included an "urban concept appeal" that would serve as a test for other locations.
However, this is the first time news of an outlet store has been mentioned. Outlets are certainly having a moment in New York City retail: Nordstrom Rack opened a Brooklyn location earlier this year, and stores are also slated for Flushing and Staten Island. Neiman Marcus Last Call will arrive in Downtown Brooklyn later this year, and Saks Off Fifth is likely headed to the Financial District, along with the full-priced department store.
· Crown Acquisitions Holds Quiet Stake in Macy's Brooklyn Garage [TRD]
· Is Macy's Saying Goodbye to Its Downtown Brooklyn Flagship? [Racked NY]
· Finally: Downtown Brooklyn Macy's Is Getting a Major Overhaul [Racked NY]