Friday, September 13, 2013, 02:09 pm PT (05:09 pm ET)
Apple reportedly finalizing lease for World Trade Center retail locationApple is said to be nearing the close of a lease for another Manhattan retail location, this one located in an expansive shopping mall in the World Trade Center.
Concept drawing of the mall in development. Image via ifoAppleStore
The planned World Trade Center shopping mall, owned by Westfield Group, already has retailers lined up for about 90 percent of the first sites to come online, according to The New York Post. Apple is but one of a number of international brands said to be close to finalizing deals with Westfield.
Aside from Apple, the shopping mall owner is said to be closing deals with Victoria's Secret, J. Lindberg, Tory Burch, Theory, Michael Kors, Swatch, and Abercrombie & Fitch, as well as several other brands.
Rent in the location is said to run between $500 and $600 per square foot. Westfield paid the Port Authority $612 million for a long-term controlling interest in a joint venture for retail at the location. The mall will occupy space under three of the towers at One World Trade Center, taking up the lower floors of two towers.
For Apple, the World Trade Center location would mark its fifth retail store in Manhattan. Observers have noted that an Apple Store has been expected at this location for roughly two years, due to the size of the mall being built. Additionally, the World Trade Center is a major transportation hub, with PATH trains from New Jersey running through it alongside many other commuters, virtually guaranteeing heavy traffic for an Apple Store located there.
The mall is expected to open in a limited capacity in 2014, with a full opening slated for 2015. The Apple Store, some expect, would open at the same time as the mall's grand opening.
On Topic: General
- Apple CEO Tim Cook says privacy talks with Chinese government were 'very open'
- Former Apple exec Ron Johnson wants to make online shopping personal with new startup 'Enjoy'
- Apple says its 'ambitious' sapphire manufacturing process is 'not ready for production'
- GT Advanced to exit sapphire production business, Apple to recover $439M prepayment over 4 years
- Christian Bale confirmed to play Steve Jobs in upcoming biopic, to start shooting soon