Hudson Yards is beautiful—but it isn't the future of retail
, abuts the Hudson Yards retail development and is slated to host events that will attract a wide range of entertainment. The Hudson Yards office buildings, which surround the retail stores, are nearly entirely leased and will have 40,000 workers in them every business day. At the center of the project is a giant sculpture called, which stands about 150 feet high and is meant for climbing and being photographed on; it’s about a mile to climb the stairs up and back down again.
To be sure, a lot of thought, talent, money went into the project. The buildings are sleek and beautiful. The entrances are grand, the sight lines are compelling, the finishes are elegant and luxurious. It used to be true that if you packed a shopping facility with great products, consumers would come and buy. But now that products are available on anyone’s smartphone, that’s over. Stores have to serve a different purpose. Consumers have also evolved. They are not just looking for availability, they want to know why they should associate themselves with a brand or retailer.
Retail today is more risky than ever. The skills needed aren’t just in making great products. That’s still critical but it’s not the only thing anymore. Being able to communicate meaning to consumers is now critical too and that’s a new set of skills that retailers and brands never needed before. Neiman Marcus particularly is a company that is challenged by high debt and less able to withstand bumps in performance that could cause it to default.
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