Herald Square

Location

New York City, NY

Estimated Gross Rent

$75-$100 PSF

Most Desirable Block(s)

34th Street between 5th Ave and 7th Ave

Location

New York City, NY

Estimated Gross Rent

$75-$100 PSF

Most Desirable Block(s)

34th Street between 5th Ave and 7th Ave

Description

New York’s grand department store's heart, Herald Square, has been a magnet for shopping, entertainment, and mass-market commerce since its inception in the 19th century. Anchored by Macy’s Herald Square—the largest department store in the U.S.—this district thrives on a continual flow of pedestrians, fueled by nearby transit hubs, cultural landmarks like Madison Square Garden, and a steady mix of commuters and tourists. Situated along 34th Street between 5th and 7th Avenues, Herald Square functions as an open-air retail corridor, blending flagship stores, mainstream fashion, and lifestyle-driven retail concepts.

The Herald Square Retail Experience

Retail in Herald Square is fast-paced, hi

News & Alerts

COMING SOON!! Primark Announces New Store in Manhattan

https://www.prnewswire.com/news-releases/primark-announces-new-store-in-manhattan-302270151.html

1 month ago

Local experts

Ryan Schimel

Senior Managing Director

Capricorn Retail Advisors

Jason Richter

Managing Partner

Capricorn Retail Advisors

Andrew Schulman

Principal

Capricorn Retail Advisors

Top brands

Local Expert Analysis

Market Metrics and Leasing Trends Herald Square ranks among New York City’s top 10 retail areas – offering strong brand exposure but requiring a well-defined retail strategy to succeed. While not as luxury-driven as Fifth Avenue or SoHo, it serves as a key destination for mass-market brands and flagship locations. Rental rates range from $75 to $100 per square foot, making it a cost-effective alternative to pricier high streets while still delivering consistent foot traffic. Leasing activity remains stable, but a vacancy rate exceeding 20% suggests that only retailers with a compelling brand presence or experiential concept will thrive in this environment. Customer Demographics and Foot Traffic Herald Square draws an eclectic customer base, from young professionals and local shoppers to international tourists and daily commuters. Foot traffic is among the highest in Manhattan, with steady daytime crowds from nearby office buildings and weekend surges driven by destination shoppers and event goers. The area’s proximity to Penn Station and major subway lines ensures a constant flow of visitors, while seasonal activations and flagship attractions like Macy’s further energizes consumer activity. Future Trends Herald Square’s retail landscape is constantly on the move, with increased demand for experiential and lifestyle-driven tenants – for new concepts. The ongoing redevelopment of Penn Plaza is expected to enhance the district’s connectivity and appeal, making it more attractive for brands willing to invest in high-traffic, high-impact retail formats. Despite vacancy challenges, the area remains a key player in New York’s retail scene, with opportunities for brands that can blend affordability, engagement, and flagship-level innovation. Conclusion Herald Square is one of the Big Apple’s most critical retail hubs, offering massive exposure in a fast-moving commercial environment. While competition is fierce and vacancy rates pose challenges, the district’s steady pedestrian flow, flagship draw, and transit-driven foot traffic make it a compelling option for retailers seeking mass-market appeal. For brands that can differentiate through experiential design and strategic positioning, Herald Square presents an opportunity to tap into one of Manhattan’s most enduring retail corridors.

Market Metrics and Leasing Trends

Herald Square ranks among New York City’s top 10 retail areas – offering strong brand exposure but requiring a well-defined retail strategy to succeed. While not as luxury-driven as Fifth Avenue or SoHo, it serves as a key destination for mass-market brands and flagship locations. Rental rates range from $75 to $100 per square foot, making it a cost-effective alternative to pricier high streets while still delivering consistent foot traffic. Leasing activity remains stable, but a vacancy rate exceeding 20% suggests that only retailers with a compelling brand presence or experiential concept will thrive in this environment.

Customer Demographics and Foot Tr