Herald Square itself, at the north end of the square between West 34th Street and West 35th Street, was formerly the site of the New York Herald Building. It contains a huge mechanical clock whose mechanical structures were constructed in 1895 by the sculptor Antonin Jean Carles. The area around Herald Square along Broadway and 34th Street is a retail hub.

The most notable attraction is the Macy's flagship department store, the largest in the United States (and according to Guinness World Records the largest in the world). In 2007, Macy's, Inc. moved its corporate headquarters to that store after renaming from Federated. Macy's archrival Gimbels was also located in the neighborhood until 1984; in 1986 the building became the Manhattan Mall.[4] Other past retailers in the area included E.J. Korvette, Stern's, and Abraham & Straus. J.C. Penney has announced plans to open its first Manhattan store in the former A&S location inside Manhattan Mall.

The square is roughly equidistant between Madison Square to the south, and Times Square to the north. Herald Square's south side borders Koreatown, at West 32nd Street. The area is served by the 34th Street-Herald Square station (B D F V N Q R W) and the 33rd Street station of the PATH.