• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Retail

New Mall Cements Lower Manhattan as a Luxury Retail Mecca

Phil Wahba
By
Phil Wahba
Phil Wahba
Senior Writer
Down Arrow Button Icon
Phil Wahba
By
Phil Wahba
Phil Wahba
Senior Writer
Down Arrow Button Icon
August 16, 2016, 6:41 PM ET
US-ECONOMY-TOURISM-TRANSPORT-WTC
People gather Inside the Oculos at the World Trade Center during the grand opening of Westfield's shopping complex on August 16, 2016 in New York. / AFP / KENA BETANCUR (Photo credit should read KENA BETANCUR/AFP/Getty Images)KENA BETANCUR AFP/Getty Images

Real estate developer Westfield inaugurated a brand new mall at New York City’s World Trade Center on Tuesday, replacing an emporium destroyed nearly 15 years ago in the most devastating terrorist attack on U.S. soil, the 9/11 attacks.

The mall, located in the WTC’s concourse inside a major mass-transit hub in Lower Manhattan, is also a good illustration of how mall developers such as Westfield and rivals Simon Property Group (SPG) and General Growth Properties (GGP) are looking to reinvent malls in an era of declining traffic at many such locations.

Westfield sought to make the WTC mall stand out by lining up tenants such as the second Manhattan location for Eataly, the Italian-themed food and beverage marketplace, an Apple (AAPL) store and Ford’s (F) upcoming FordHub, a showroom for innovations that is not however a dealership.

There are about 50 stores in the mall that don’t have another location at any of Westfield’s other centers, reflecting the developer’s desire to not just offer the same old tenants shoppers can find at hundreds of other malls.

The 365,000-square-foot center will have more than 100 stores, with about 60 opening Tuesday and the rest by year-end. The WTC mall is in the Oculus, the centerpiece of architect Santiago Calatrava’s $3.9 billion commuter terminal, used by 300,000 commuters daily.

“This lends itself to doing things way beyond what we’ve done typically in the traditional malls we currently own,” Bill Hecht, operations chief for Westfield U.S. told Fortune in an interview at the opening.

Other tenants include Epicerie Boulud (by renowned French chef Alain Boulud, who operates a top restaurant uptown), and upscale stores like Breitling, and Coach’s (COH) Stuart Weitzman show store. Mid-tier retailers include Under Armour (UA) and Lacoste.

Westfield executives project that World Trade Center will generate some $1,500 per square foot, compared to $903 a square foot in 2000 at the mall that was initially at the site. That is also three time the average for a typical suburban regional mall. Westfield, Simon and GGP have all been shedding weaker malls and investing in their better malls with upgrades and more modern amenities.

The mall is in a complex that connects the Port Authority Trans-Hudson trains from New Jersey with New York’s subways, guaranteeing a steady stream of commuters. And its location near the memorial, museum and observatory at 1 World Trade Center, means tons of tourists will come too: Westfield anticipates some 15 million global travelers to visit the area annually. The developer expects the mall to generate about $1 billion in annual sales volume.

US-ECONOMY-TOURISM-TRANSPORT-WTC
AFP/Getty Images

Such shopper traffic meant the Australian developer didn’t need to line up an anchor tenant to bring in shoppers, such as a Macy’s (M) or a Nordstrom (JWN) does in a suburban mall.

“We didnt think we had to,” Hecht says of lining up a department store anchor, much as Brookfield Property Partners did at the mall next door, where that developer will open a Saks Fifth Avenue store this fall. “It’s a much tougher deal economically to have a department store.” Department stores have traditionally paid almost nothing in rent to mall developers because of their status as traffic magnets, something that has grown shakier in recent years.

Westfield was mindful about not having the same tenants as neighboring Brookfield Place, which skews closer to luxury with stores like Hermès and Gucci but also has tenants like J.Crew. At the same time, it’s such a hot area, full of tourists, office workers and affluent locals (nearby TriBeCa is the wealthiest zip code in Manhattan) that Westfield is not overly concerned with overlap.

“There is enough business in Lower Manhattan for both us,” Hecht said.

About the Author
Phil Wahba
By Phil WahbaSenior Writer
LinkedIn iconTwitter icon

Phil Wahba is a senior writer at Fortune primarily focused on leadership coverage, with a prior focus on retail.

See full bioRight Arrow Button Icon

Latest in Retail

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Retail

Jamie Laing thinks tomorrow’s Fortune 500 will be built by creators. He might be right 
C-Suitecreator economy
Jamie Laing thinks tomorrow’s Fortune 500 will be built by creators. He might be right 
By Sam BirchallJune 10, 2026
4 hours ago
Matt Damon and Gary White.
EnvironmentWaters
Corporate America has been draining the world’s water. Matt Damon’s new campaign calls on Gap, Starbucks, and Amazon to help give it back
By Catherina GioinoJune 9, 2026
1 day ago
Chinese beauty brands flock to Southeast Asia as their first step in going global
RetailChina
Chinese beauty brands flock to Southeast Asia as their first step in going global
By Angelica AngJune 9, 2026
1 day ago
John Furner, CEO, Walmart US
SuccessCost of living
Walmart CEO John Furner says even wealthy shoppers are now shopping at the discount grocery chain as high prices stretch six-figure earners
By Emma BurleighJune 8, 2026
2 days ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
SuccessThe Promotion Playbook
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
2 days ago
Gas over $4 looks like tipping point as Walmart customers don’t fill tanks, fast food loses cheapest diners
Retailgas prices
Gas over $4 looks like tipping point as Walmart customers don’t fill tanks, fast food loses cheapest diners
By Anne D'Innocenzio and The Associated PressJune 7, 2026
3 days ago

Most Popular

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
Asia
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
By Kate O'Keeffe and BloombergJune 8, 2026
2 days ago
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
Economy
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
By Nick LichtenbergJune 9, 2026
22 hours ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Success
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
2 days ago
Current price of oil as of June 9, 2026
Personal Finance
Current price of oil as of June 9, 2026
By Joseph HostetlerJune 9, 2026
1 day ago
Current price of silver as of Tuesday, June 9, 2026
Personal Finance
Current price of silver as of Tuesday, June 9, 2026
By Joseph HostetlerJune 9, 2026
1 day ago
Wall Street dumped nearly $1 trillion in tech stocks by midday—then clawed it back and bought peanut butter and paint
Investing
Wall Street dumped nearly $1 trillion in tech stocks by midday—then clawed it back and bought peanut butter and paint
By Eva RoytburgJune 9, 2026
17 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.