# Flagship Retail Revitalizations Macy's is Investing in the Surrounding Areas of Herald Square By Daniel Johnson | Published 2021-05-13 | Business Source: Trend Hunter, https://www.trendhunter.com/trends/herald-square References: [retaildive](https://www.retaildive.com/news/macys-reveals-herald-square-revitalization-plan/599964/) & [macysrenewingheraldsq](https://www.macysrenewingheraldsq.com/) [Macy's](https://www.trendhunter.com/trends/smallformat-department-stores) announced its new plan to revitalize its iconic storefront located in New York City's Herald Square and the project will include a $235 million private investment in the store's surrounding areas. The investment will enhance the area surrounding the [flagship store](https://www.trendhunter.com/trends/toronto-eaton-centre-store) including Herald Square infrastructure, while improving transit access and existing connections. Macy's estimated that the new revitalization plan will provide support for 16,290 jobs and create $269 million for city taxes. The company also estimates that the project will result in an additional $4 billion of economic spending. Macy's will also be building a [new tower](https://www.trendhunter.com/trends/shop-architects-hudson) above the flagship location that the company will use as office space. Herald Square is scheduled to be open during construction. Image Credit: Macy's ## Trend Insights (Trend Hunter) - Score: 1.7/10 - Popularity: 16% | Activity: 26% | Freshness: 10% - Audience gender: 50% men, 50% women - Primary generations: Gen Z, Millennial, Gen X - Top markets: North America, South America, Europe, Asia, Africa ## Categories [Trend Hunter](https://www.trendhunter.com/trends) > [Business](https://www.trendhunter.com/business) > [Retail](https://www.trendhunter.com/retail) ## Key Themes ### Key Themes Behind This Trend - **Flagship Store Revitalizations:** Investing in the revitalization of flagship stores can stimulate economic growth and job creation in surrounding areas. - **Transit Access Improvements:** Improving public transit access to a retail area can increase foot traffic and sales for businesses and retailers located in that area. - **Mixed-use Developments:** Developing mixed-use buildings with both retail and office space can create more vibrant and efficient areas for businesses and consumers. ### Where This Applies - **Retail:** Retailers can benefit from investing in the revitalization of flagship stores and surrounding areas to increase sales and economic growth. - **Real Estate:** Real estate developers can take advantage of the trend towards mixed-use developments by creating more efficient and innovative buildings that combine retail and office space. - **Transportation:** Transportation companies can benefit from improving public transit access to retail areas by increasing ridership and revenue. ## Related on Trend Hunter - [Small-Format Department Stores](https://www.trendhunter.com/trends/smallformat-department-stores.md) - [Luxury Store Closures](https://www.trendhunter.com/trends/bloomingdales-is-set-to-close.md) - [Elevated Luxury Shopping Destinations](https://www.trendhunter.com/trends/luxury-shopping.md) - [Flagship Spa-Equipped Fashion Retailers](https://www.trendhunter.com/trends/house-of-dior-new-york.md) - [Modern Fashion Retail Expansions](https://www.trendhunter.com/trends/urban-stores-in-toronto.md) - [Flagship Denim-Focused Stores](https://www.trendhunter.com/trends/american-eagle-1.md) - [Luxury Flagship Reopenings](https://www.trendhunter.com/trends/miu-miu-london-flagship.md) - [Music-Inspired Retail Campaigns](https://www.trendhunter.com/trends/summers-greatest-hits.md) - [Energy Efficient Mall Redesigns](https://www.trendhunter.com/trends/skylight-galleria.md)