Used as an intermediate in the synthesis of pharmaceuticals and fine chemicals, particularly in the development of estrogen receptor modulators. It serves as a building block in the production of selective estrogen receptor downregulators (SERDs), which are investigated for the treatment of hormone-responsive cancers such as breast cancer. Its naphthalene core with a methoxy and hydroxyethyl substitution pattern allows for specific binding interactions in biological targets, making it valuable in medicinal chemistry research. Additionally, it may be employed in the preparation of fluorescent probes or dyes due to the inherent photophysical properties of the methoxynaphthalene moiety.