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Manhattan Mall Loses About 30% of Tenants, Speculation Looms About Life After Stern's

NEW YORK CITY-The coming exit of the 33,000-sf Stern's store in the Manhattan Mall is having a big impact on the shopping complex with several other retailers quickly following suit.

By Anthony Garritano | Updated on February 11, 2001

NEW YORK CITY-The Manhattan Mall at 100 West 33rd St. has advertised itself as “The Center of New York City with 90 stores, 20 eateries and Stern’s,” but it is losing the ability to claim these numbers. The mall has lost close to a third of its stores, with 62 in place now out of the original 90. Also, the food court has half the number of eateries advertised, 10 in a space that can hold up to 26. Arguably, though, the biggest hit to the mall’s ownership, Argent Ventures, is the fact that Stern’s is closing it’s 33,000-sf store this March.

“The retail world has just evolved in such a way that Stern’s’ market share has reduced so much that there is nothing that separates Stern’s from other retailers that justifies its existence as a stand-alone entity,” theorizes Jonathan Mechanic of Fried, Frank, Harris, Schriver & Jacobs.

“The closing of Stern’s was just a function of their business, and the space that they are now vacating at the Manhattan Mall will lend itself very well to several big-box users,” adds Cliff Molloy, director at CB Richard Ellis. In total, Stern’s will close 24 stores in New York and New Jersey, totaling 4.8 million sf, most of which will be converted to a Macy’s or a Bloomingdale’s.

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