Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) is establishing a permanent retail presence in New York City, converting its Meta Lab pop-up in Manhattan into a long-term flagship store focused on artificial intelligence-powered glasses and virtual and augmented reality hardware.
It was announced on Wednesday that Meta has signed a 10-year lease for a five-level, 15,000-square-foot townhouse at 697 Fifth Avenue, adjacent to the St. Regis Hotel.
The location will serve as Meta’s first flagship retail store in Manhattan, following the company’s initial flagship opening in Los Angeles in 2025.
The Meta Lab concept is designed as an experiential retail space where visitors can interact directly with the company’s products, including AI-enabled glasses and VR headsets.
According to Meta, each Meta Lab location is tailored to its surrounding community, incorporating local artistic and cultural elements into the store’s design. The company describes the format as a departure from traditional consumer electronics retail, with a focus on community engagement and creative expression.
“We’re proud to make a long-term commitment to Fifth Avenue, the heart of US retail,” said Matt Jacobson, Vice President and Creative Director of Wearables at Meta.
He added that the experiential approach has contributed to increased product awareness and sales, and that the New York flagship will aim to build on that momentum.
Meta shares traded hand at about $618 on Wednesday afternoon, down 6% so far this year.