Asian Retailers Take Over Times Square
Times Square is seeing a refreshing shift, as some of the retail space left vacant by departing sportswear and jewelry chains is being filled by Asian brands.
A new 7,000-square-foot store from PopMart, a Chinese company known for its quirky love dolls, is set to launch in the Vornado space at 1540 Broadway. Additionally, another Chinese brand, TopToy, is poised to open a prominent 2,000 square foot location at SL Green’s property at 1515 Broadway.
These stores will join Miniso, located at 5 Times Square, along with Tamashi Nations, a Japanese brand, at 1500 Broadway. There’s also the Line Friends store, featuring K-POP characters, and Hey Tea, a Chinese bubble tea brand at 1565 Broadway.
The ongoing trend appears to be filling the retail spaces—what locals might consider the “bow tie” areas— that have been vacated in recent years by well-known retailers like Express, Swarovski, and Ray-Ban. Interestingly enough, these novelty shops could resonate well with families visiting Times Square’s vibrant atmosphere, often filled with costumed characters like Elmo.
Joanne Podell, a notable retail leasing expert from Cushman & Wakefield, who facilitated negotiations for Miniso and TopToy, shared her thoughts on this influx: “It’s definitely a trend.” She emphasized that the appeal goes beyond just children, noting, “Adults collect the products too. They make you smile.”
Local business owners and supporters seem to be optimistic about the arrival of new retailers.
Touting the charm of Times Square, Tom Harris, chairman of the Times Square Alliance, remarked, “For over a century, people have come to Times Square to play, and the addition of these toy stores adds a new layer of playfulness to Times Square’s already complex and diverse landscape.”
As for rental prices, they are notably steep. Reports indicate that the ground-level rental rate for the PopMart store is an eye-popping $2,000 per square foot. Meanwhile, Hey Tea’s 2,390-square-foot space at 1565 Broadway is going for a staggering $1,673 per square foot, totaling around $4 million a year.
