NEW YORK (CBSNewYork)Macy’s Inc. confirmed this week the company plans to build a skyscraper above its flagship Herald Square store in Manhattan.

According to Bloomberg News, the retail giant is looking to capitalize on the Midtown real estate market with a 1.2 million-square-foot building.

“We hope to walk out of 2019 with a plan that we’re then going to bid out,” Chief Executive Officer Jeff Gennette said in an interview with Bloomberg on Wednesday.

“We’re still early in this process and there are a number of hurdles we need to cross before we can share more concrete details,” she said in an email.

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