Fashion retailer Old Navy is partnering with JEMB Realty to build a new flagship store in Herald Square, New York City.
The new store has a 55,000-square-foot location and features two floors, which is set to open its doors in 2026.
Haio Barbeito, President and CEO of Old Navy, said: “New York is the most important retail and tourism market in the world, drawing over 60 million visitors annually, and we are thrilled to announce Old Navy’s new flagship is coming to such a prime location.
“As we look to modernize the Old Navy customer experience, this new location will enable us to deliver a fresh, immersive, digitally led experience that invites visitors and shoppers from around the world to come play with style.”
Old Navy will shift from 150 West 34th Street to its newly developed flagship, which will offer a curated assortment of products for local customers and tourists as well as an experiential and interactive shopping experience.
Morris Bailey, chairman of JEMB Realty, added: “The retail space at Herald Towers is truly a crown jewel in New York City.
“We have been committed to delivering a world-class tenant to contribute to the resurgence of the Herald Square neighborhood and the residents of the 700 apartments upstairs. We have done that with this lease with Old Navy. This is the perfect location to unveil a vibrant new retail experience.”
Old Navy is under the brand umbrella of Gap Inc., which includes other brands such as Gap, Banana Republic, and Athleta.
Gap reported strong earnings for the fiscal year 2024 after a robust turnaround strategy was executed, led by the CEO, Richard Dickson. Gap Inc. saw its net sales inch up by 1% to $15.1 billion, while online sales rose by 4%.
Additionally, Old Navy rolled out an occasion wear line in March, which aimed to provide affordable formal apparel for customers.
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