Apple began renovations on its iconic Fifth Avenue retail store earlier this year, but little was known about the company’s plans. A new report from Bloomberg, however, offers up more details on the overhaul and Apple’s plans “more than double the size” of the location.
During its earnings call earlier today, Boston Properties president Douglas Linde explained that Apple will increase the size of its Fifth Avenue location from around 32,000 to 77,000 square feet. Boston Properties is the co-owner of the General Motors Building on Fifth Avenue that hosts Apple’s glass cube retail store.
Linde explained on the call that Apple has been the “mystery tenant we’ve been talking about for over a year” when discussing filling vacant retail space on Fifth Avenue.
Apple itself hasn’t commented on its plans for the Fifth Avenue overhaul, but a spokesperson explained to Bloomberg that the company plans an “incredible” location “where our customers will enjoy new services and experiences in much larger space.”
The Fifth Avenue shopping district has suffered over recent months, reporting a record amount of vacancies due to increasing rent and lower sales and traffic. Bloomberg attributes part of this to President Donald Trump’s presence at Trump Tower, which is just two blocks away. This has caused an increased police presence in the area, as well as traffic congestion and the limiting of pedestrian traffic.
Manhattan’s Fifth Avenue, among the world’s most expensive shopping districts, has suffered from a record amount of available store space as retailers balked at expensive rents sought by landlords. In addition, President Donald Trump’s presence at Trump Tower, just two blocks to the south, has tied up traffic in the neighborhood, causing police to set up barriers and limit the free flow of pedestrian traffic.
At the beginning of this month, Apple officially relocated its Fifth Avenue retail location after several reports claiming the company was planning an expansion. Last year, Apple renovated its San Francisco Union Square retail store with a revamped design and “Genius Grove,” and we’d expect of the same ideas to be applied to the Fifth Avenue store. In the meantime, Apple’s Fifth Avenue store can be found at the vacated space of FAO Schwarz, which is just next door to the cube.