The Shops & Restaurants at Hudson Yards is an example of what the mall of the future will look like, blending day-to-day experience with retail and other...
The Shops & Restaurants at Hudson Yards on Manhattan’s west side, which opened Friday at noon, is seven stories of curated shops and dining that represents what malls of the future will look like, according to retail experts.
“I call it vertical hospitality,” said Kenneth Himmel, chief executive of Related Urban, the real-estate firm behind the project. Oxford Properties Group worked alongside Related Urban. Himmel and fellow executives from Related Urban hosted a media tour before Friday’s opening, emphasizing how selective and specific the process was.
At one point, Himmel zeroed in on an unoccupied space, stating they were “holding out” for an Italian restaurant, which would add the necessary amount of variety. Hudson Yards also has thousands of workers and residents who will be in the neighborhood daily. The Shops & Restaurants component of the megadevelopment emphasizes change, with varying lease terms for occupants, so there’s a freshness built in for frequent visitors.All of the talk of the “retail apocalypse” and the death of the mall made plain that bored shoppers are looking for an experience beyond the traditional one. Many are turning to the convenience of e-commerce, especially Amazon.
According to Stephanie Cegielski, the vice president of public relations at the International Council of Shopping Centers, the national occupancy average at malls is just under 93%. There isn’t a lot of mall development, but that’s OK, Cegielski said. To accomplish that, developers like Charterhouse and Related must give thought to the local economy and population.
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