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JC Penney Heads for Herald Square in NYC

PLANO, TX-Among the 250 new units planned by 2011 is a 125,000-sf store in Vornado's Manhattan Mall, one block from rival Macy's flagship.

By Marita Thomas | Updated on April 19, 2007

PLANO, TX-During a meeting with analysts, the management of JC Penney Co. Inc. said the locally based retailer is accelerating its growth plan and will add 50 new units a year over the next five years. While ratcheting up expansion plans, the company is also continuing to add polish to its fashion profile.

It has signed a letter of intent to lease 150,000 sf, with a 125,000-sf retail area, in Manhattan Mall, which, as GSR reported, was acquired this January by Vornado Realty Trust. The store, located on Sixth Ave. between 32nd and 33rd streets, is one block from rival Macy’s flagship in Herald Square. It will be constructed in conjunction with Vornado’s redevelopment of the mall.

This will be Penney’s first store in Manhattan. Michael Dastuque, Penney’s SVP of property development, said it will be “the centerpiece of Manhattan Mall . . . a showcase in the fashion capital of the US.” As GSR previously reported, Penney set up a temporary “pop up” store in Times Square in 2006, where it showcased its newest fashion merchandise and sold through interactive kiosks.

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