Gap Inc. to Open Two New York City Stores in Times Square

By Keiko Morris 

Gap Inc. will set up two new flagship stores for its Gap and Old Navy brands in Manhattan's Times Square.

The company on Friday said it plans to create two separate stores for its apparel brands at the Bow Tie Building near the intersection of Broadway and Seventh Avenue at West 44th Street. Owned by Bow Tie Partners, the Bow Tie Building opened in 1936.

The shops each will take 31,000 square feet at 1514-1530 Broadway in a space now occupied by Toys "R" Us. The toy retailer decided it wouldn't renew its lease, which expires in 2016. Construction of the stores' interior is expected to be completed in early 2017.

"This signature spot builds on Gap Inc.'s continued commitment to showcase its brands in ideal locations that best serve customers," said Sean Piazza, Gap Inc.'s spokesman.

The announcement of the two stores follows news earlier this month that the specialty retailer would shutter about 175 Gap brand stores over the next few years in an effort to "showcase the brand in the most successful locations," the company said in a press release.

Asking rents for retail space in the Times Square area was about $2,508 a square foot in the first quarter of the year, according to real estate services firm Cushman & Wakefield.

The district draws about 350,000 pedestrians daily, according to the Times Square Alliance.

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