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Time Warner Center bucks current trends with economy-defying end-of-year results

New York City's Newest Landmark and Tourist Destination Celebrates Its 4-Year Anniversary Time Warner Center, New York City's iconic mixed-use property developed by Related Companies, boasting 80 floors of bustling luxury dining, shopping, entertainment, residences and commercial space, today announced it welcomed over 16 million visitors in 2007. Time Warner Center also experienced its best year to date, with impressive end-of-year results with continued economic growth for the once blighted Columbus Circle.

With sales per square foot soaring to over $1,500 and year-to-date sales up over 15%, The Shops at Columbus Circle - Time Warner Center set the stage for one of 2007's most compelling retail stories. The Shops continued to build its best in class retail with the additions of bebe, Wolford and Swarovski, and True Religion will open at the Center this spring, bringing The Shops to 100 percent occupancy. The Shops' J. Crew and Eileen Fisher are top performers of their respective portfolios, and Whole Foods Market is one of the most popular stores of its Company worldwide.

Time Warner Center's reinvention of the "pop-up store," Luxury Merchandising Units, tapped into the luxury, temporary leasing market and helped fuel overall sales with an average of $3,300 sales per square foot. Capitalizing on the strong influx of European travelers to New York City during the holiday season, The Shops' foreign tourism increased 25%, while continuing to grow an already strong, local customer base. This brought a dynamic mix of shoppers to the Center, bolstering the sales growth of The Shops and igniting a hugely successful holiday retail season.

"2007 marks our third year of double-digit sales increases. This trend has catapulted The Shops at Columbus Circle into the same league as Honolulu's Ala Moana Center and The Forum Shops at Caesars Palace, the highest grossing shopping venues in the country," said Webber Hudson, Executive Vice President of Related Urban, the mixed-use division of Related Companies. "We listen to the wants and needs of our customers. This is imperative at all levels, but especially in a difficult economic environment. It truly sets us apart from our competitors, allowing us to win over the New York locals as well as international shoppers who often follow New Yorkers' lead."

In addition, the Center's "The Restaurant and Bar Collection," featuring some of the city's finest restaurants and world-renowned chefs, has proven to be a key element in the success of Related Urban's properties. Each of the restaurants reported double-digit increases in total revenue for 2007, with Thomas Keller's Per Se up nearly 32%, and Masa, up over 13%.

"Many thought New Yorkers wouldn't embrace a vertical shopping and dining destination, but we knew differently," said Kenneth Himmel, President and CEO of Related Urban and the visionary behind The Restaurant and Bar Collection. "Time Warner Center is not a mall in Manhattan. We've just taken the street and run it vertically." Himmel added,

"We handpick our restaurants and retailers very carefully, and we designed the Center in a way that would make people want to go up. We thought out of the box, and the city has embraced it."

Recognized as the catalyst to transform a long suffering Columbus Circle, Time Warner Center stands as the nucleus of this historic neighborhood. Where the skyline was once low, thriving developments now rise since the opening of Time Warner Center, spawning investor interest and increased demand in the area. New apartment, retail and office buildings mark a celebration of radical changes in the neighborhood, including 15 Central Park West, Museum of Arts and Design and 6 Columbus Circle. In 2007,

Time Warner Center maintained its position as an exciting and desirable venue by hosting some of the city's most high profile events and world-renowned brands including, The New York Film Festival, TIME Magazine's 100 Most Influential People Gala, Stuart Weitzman/ELLE Magazine/New York City Opera event, Ernie Barnes Exhibit, Susan G. Komen's Race for the Cure, and Johnnie Walker Blue. Event activity increased 30% from 2006, with highly anticipated events expected for 2008.

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