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There was no question about where Virgin Megastore would open its first New York outpost, the chain's largest to date. The choice site was a 75,000-square-foot location in Times Square, an area currently undergoing massive renovation.
"We believe Times Square is the crossroads of world attraction for tourists," says Brian Regan, a spokesman for the Los Angeles-based chain. "On a daily basis, 1.4 million traverse it."
Virgin is just the latest example that after several false starts, Times Square is finally shedding its tawdry image. The Times Square Business Improvement District has helped to remove pornography shops and replace them with brand-name, quality retailers.
But the renaissance of 42nd Street has come at a price, and it may be to the detriment of 57th Street. This uptown street has developed into an eating and shopping mecca for tourists. In recent years it has become home to theme restaurants such as Jekyll & Hyde, Motown Cafe and Planet Hollywood and entertainment sales outlets including Warner Brothers and Disney. Some brokers say that these types of restaurants and retailers may now prefer to open up shop in the newly sanitized Times Square area.
Fate of the street uncertain
"Whether 57th Street is going to lose tenants is hard to say," comments Jeff Katz, president of Sherwood Equities. His...