Posted on July 12, 2016
Hershey Gearing Up to Open New Times Square Location
Hershey, the largest chocolate manufacturer in North America, is gearing up to open a new Manhattan flagship location, which will be triple the size of the existing location. At the base of a 39-story hotel and retail development at the corner of West 47th Street and Seventh Avenue, the chocolate company has begun construction.
The Hershey’s Chocolate World store currently occupies more than 2,000 square feet just one block away, located at West 48th Street and Broadway. It attracts 3 million+ visitors annually. Expected to open in late next year, and will be stationed just one block from rival Mars Inc.’s M&M’s World Times Square shop.
Last month, it’s been announced that the National Football League, Cirque du Soleil, and the National Football League Players Association will open an NFL Times Square experience. It will be a four-story, 40,000-square foot permanent exhibit, placed at 20 Time Square. Included, high-tech, interactive displays, and a 350-seat theater for the purposes of creating riveting football moments for fans.
“If you look at all the stores now [in Times Square], it’s not traditional retail being done in the old format way,” said Andrew S. Goldberg, vice chairman of real-estate services company CBRE Group Inc. and a member of the 20 Times Square leasing team. “Everyone is looking at how to keep the customers engaged longer and having them stay and be more involved in the store.”
The Hershey’s store will be built by an investment group led by developer Steven Witkoff, and the development will feature an 18,000-square-foot LED sign hinged on the corner. Additionally, there will be a 452-room luxury hotel and a retail space.
Last year, rent costs in the Times Square shopping corridor dipped nearly 16 percent in the second quarter to $2,109 a square foot, decreasing nearly $400. However, rent has also increased quickly, though it is stabilizing. Hershey will likely add more details about its construction and expansion as the design and execution.