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<\/p>\nNEW YORK (BLOOMBERG) — Meta Platforms Inc. is opening its first flagship store in Manhattan, expanding its push into physical retail with a space along one of the world\u2019s priciest shopping corridors.<\/p>\n
Meta signed a 10-year lease with Vornado Realty Trust to occupy an entire five-story building at 697 Fifth Ave., which is adjacent to the St. Regis Hotel, according to a statement Wednesday.<\/p>\n
Facebook\u2019s parent company opened its first flagship store, branded Meta Lab, in Los Angeles last year. The space allows visitors to try Meta\u2019s artificial intelligence glasses and virtual reality headsets. Meta also operates a store in Burlingame, California.<\/p>\n
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\u201cWe\u2019re proud to make a long-term commitment to Fifth Avenue, the heart of US retail,\u201d Matt Jacobson, vice president and creative director of wearables at Meta, said in the statement.<\/p>\n
Photo credit Google Street View<\/p>\n
\u201cWe\u2019re proud to make a long-term commitment to Fifth Avenue, the heart of US retail,\u201d Matt Jacobson, vice president and creative director of wearables at Meta, said in the statement.<\/p>\n
The deal expands on Meta\u2019s already-significant presence in New York. It leased the entire office space at the redeveloped Farley Building in 2020.<\/p>\n
Manhattan\u2019s retail scene has been recovering from pandemic lows, with the available supply in the fourth quarter of last year 40% below the peak in 2021, according to a CBRE Group Inc. report. Rents in the Plaza District, on Fifth Avenue from 49th to 59th streets, are the highest in the city at $2,569 per square foot, CBRE said.<\/p>\n