“Westfield Corp.’s new World Trade Center retail concourse, which opened today inside the mass-transit hub at the rebuilt complex in lower Manhattan, is positioned to outperform the original one, destroyed in the Sept. 11, 2001, terrorist attack, the company’s co-chief executive officer said,” David M. Levitt reports for Bloomberg. “‘All you have to look at is the Apple Store and Eataly,’ Peter Lowy said in an interview late yesterday at an office that overlooks the 16-acre (6.5-hectare) trade center site. ‘When you look at that, you should have much higher volumes because you have much different retailers that do very, very large business.'”
“Westfield opened the 365,000-square-foot (34,000-square-meter) shopping complex mainly inside the Oculus, the white-ribbed centerpiece of architect Santiago Calatrava’s $3.9 billion commuter terminal,” Levitt reports. “Lowy projected that the mall will generate just more than $1,500 a square foot in sales. The original World Trade Center mall had sales of $903 a square foot in 2000, Lowy said at the time, or more than three times the average for a typical suburban regional mall. His projected volume for the new retail center would be almost four times the $400 a square foot found at an average mall today, he said.”
“The mall will debut with 60 of its just more than 100 stores and restaurants in operation, including Eataly, the Italian-themed food and beverage marketplace, which opened on Aug. 11, and the Apple Store,” Levitt reports. “Other stores prepared to open include Kate Spade, Breitling, Charles Tyrwhitt and Smythson, and nine stores that Lowy said were in the original concourse, including a Duane Reade drugstore, Victoria’s Secret, Banana Republic, Cole Haan, Crabtree & Evelyn and Papyrus.”
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MacDailyNews Take: This one’ll be like printing money.
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