“There’s been a huge investment in the Fifth Avenue area that started before the pandemic and continues today,” shared Richard Hodos, JLL’s vice chairman, retail brokerage, who has specialized in NYC retail real estate since the early 1990s. Coming soon are Citizen Watch and Swarovski stores, and early next year, Chanel High Jewelry and Harry Winston will open.ĭemand for prime real estate on Upper Fifth Avenue is high, and availability is at its lowest historic level since 2016, according to real estate advisory firm JLL JLL. There are new Bond 9, Tag Heuer and Abercrombie & Fitch stores and Burberry has moved to a temporary location while its flagship is renovated. On The Moveĭifferent is what it will be for NYFW guests. They may not be able to put their finger on it, but we want them to feel it,” she declared, adding that its security team keeps the streets clean and guests safe. “When people step onto Fifth Avenue, we want it to feel a little different. “It is the largest store dedicated to a single LVMH brand in their portfolio.” That’s saying something since the Louis Vuitton store up the street is no shrinking violet. “Every floor is extraordinary,” Boster added. The building is capped by a rooftop garden. For example, Truman Capote ’s Breakfast at Tiffany manuscript is on display, as well as some 40 original artworks. Besides all the wonderful products to be tempted by, it includes exhibition space on each of its newly expanded ten floors. The brand-new, made-over Tiffany store is sure to attract many NYFW guests. “There’s nothing about buying a sneaker in a F1 race car,” she quipped. She points to the six-story Nike NKE House of Innovation store, where prime street-level space is devoted to a sporting arena, and the Puma store, where guests can enjoy a virtual Formula 1 car racing experience. “Companies make critical investments to be here, so they are innovating and doing very exciting and compelling things in retail to make it about more than just shopping,” she continued. These retailers are at the vanguard of the experiential retail trend.“The stakes for success are higher here than just about anywhere in the world,” Fifth Avenue Association president Marie Boster shared with me. But over the past two-to-three years, its merchants have been refurbishing their stores, polishing their windows and adding experiences to make a visit something to remember, not just when opening the closet. Zara, Uniqlo, Victoria’s Secret, Sunglass Hut, Abercrombie & Fitch, Aldo, Lego and Banana Republic also make it their home.įifth Avenue merchants have been fighting against the onslaught of online shopping for years, but it went into overdrive with the pandemic when visits to the area tanked. But it’s not just luxury brands that play on this street.
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