Value retailer Five Below is leasing a 10,000-sq.-ft., two-floor space at E*Walk, Tishman’s retail, entertainment and experiential retail complex on 42nd St. in Times Square in Manhattan. Five Below’s lease coincides with the center’s planned spring 2022 opening of a small-format Target and the completion of a $60 million capital improvement and renovation of the retail complex and signage, reports Chain Store Age.
Tishman Realty Corp. began development of E*Walk Retail in 1995 as part of the revitalization of 42nd Street, one of the largest urban renewal programs in the United States. In December 2016, the property owner launched a complete renovation, re-branding, upgrade and enhancement program that will transform the property into a top destination for large-format retailers, apparel retailers and experiential entertainment users, reports CSA.
“E*Walk occupies a prime location for retailers,” Smith said. “The site is located along 42nd Street between Seventh and Eighth Avenues on one of the busiest intersections in New York City, with 94,000 daily passers-by and 65 million commuters a year from the nearby subway stations and Port Authority Bus Terminal. E*Walk’s location, adjacent to Times Square’s ‘Bowtie’ area, provides an incredible opportunity for retailers seeking a flagship-type store at competitive rental rates.”