DEPARTMENT STORE ECONOMIST
JC PENNEY SINGS “REMEMBER ME TO HERALD SQUARE”
With the JC Penney opening in Herald Square and its CEO Mike Ullman cheering its arrival, Macy’s CEO Terry Lundgren spiffed the competitor’s move. However, this move of two retailers will serve the public better and both Macy’s and JC Penney will benefit.
In the 1950s, we had Arnold Constable, Lord & Taylor, and B. Altman near each other on Fifth Avenue from 40th to 38th to 35th Streets. Lord & Taylor is still there but Arnold Constable is now an annex to the New York Public Library and B. Altman serves as an employment service center for New York City.
In Herald Square in the 50s and 60s, my friends, David and Peter Gimbel’s family store and Abraham and Straus were there for New York, Long Island and New Jersey commuters. Gimbel’s, A&S, with Macy’s were the Herald Square destination for the prolific shopper looking for everything from fashion features to bargains.
When you have stores with variety, selection, value and a panoply of product categories, the visit is rewarding. The JC Penney arrival in Herald Square should make Macy’s the big beneficiary. It marks the return of retailing competition in product choice, selection and innovation.
Alas, the retailer is serving their consumers.
Aug 5, 2009, 10:21 am
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