Tiffany to reopen N.Y. flagship as 'most exciting store in the world'

Mana Yumi Friday | 04/28/2023 12:39

Tiffany's remodeled flagship store in Manhattan reopens April 28. Photo by Nikkei Asia.

Tiffany has long offered products that dazzle the eyes, but the world's most iconic jewelry retailers wants the company's newly refurbished flagship store in New York to dazzle the senses.

"This is our landmark. This is the ultimate incarnation of the brand," Anthony Ledru told Nikkei Asia about the midtown Manhattan store. "This is the most important place in terms of brand message and positioning."

The store reopens Friday. The renovation preserved the building exterior, but the interior was remodeled with three additional floors. Two floors are dedicated to exhibition space, and the top floor will serve as a VIP lounge. The new Blue Box Cafe serves food from renowned chefs, and visitors can enjoy a sales floor with a large-scale augmented reality display.

Tiffany conducted its first large-scale renovation since 1940 when it moved its flagship shop to the corner of Fifth Avenue and 57th Street. Ledru said the renovation would have gone ahead even without LVMH's $15.8 billion purchase of Tiffany in 2021.

"We are trying to create the most exciting store in the world," he said. "The desire of consumers for experience has grown much stronger after the COVID-19 pandemic. You can spend hours in the store before making up your mind. [The experience] is beyond the purchase. Way beyond."

With the pandemic fading, people are returning to New York City.

"Tourism is back in the U.S.," Ledru said. "There are a lot of reasons to be optimistic, and there are a few reasons to be concerned."

Ledru expects the new Tiffany store will promote the combination of consumption with experience.

In the post-COVID world, he said, "we're trying to link the discovery of the brand and purchase, and the amount of time and the experience."

Yet the outlook for the U.S. economy is murky. Asset values eroded by financial instability could hurt high-end consumption.

"Certainly the U.S. market is not as dynamic as it was in 2021 or 2022," Ledru said. But he stressed that the renovation was an investment for "five, 10 or 20 years later in the U.S."

Japan is Tiffany's third-largest market after the U.S. and China. The company plans to renovate its Ginza store in Tokyo this year, as well as open a new store in the Omotesando portion of Tokyo. As for the global market, Ledru said, "Southeast Asia is really strong for us."

Source: Nikkei Asia