The splashy reopening of Tiffany & Co’s flagship store on the corner of Fifth Avenue and East 57th Street is a renovation representing the billions of capital investment in one of New York City’s most iconic shopping districts.
Real estate experts say the flow of cash is part of a bid to re-imagine an area of Midtown that extends from 49th Street to the Plaza Hotel and includes Fifth and Madison Avenues. The district has long been anchored by luxury stores including Tiffany, Saks Fifth Avenue and Bergdorf Goodman.
The company has pushed Tiffany upmarket, beyond it being a byword for engagement rings. According to HSBC analysts, the jeweler grew sales to 5.1 billion euros in 2022 from 3 billion euros in 2020 and is forecast to reach 7.4 billion in 2025. The store's reopening is the latest in a series of high-profile investments in the neighborhood, said Richard Hodos, vice chairman of real estate firm JLL’s New York retail team. Rolex is in the midst of a renovation of its Fifth Avenue headquarters, which will feature a ground-floor retail store and 25-story glass office tower.
“Fifth Avenue is in the middle of this renaissance,” Hodos said. “This is after a lot of retailers struggled during the pandemic.” “Brands are not going to pay a premium for brick-and-mortar locations that have been diluted by online sales,” Spiegelman said. Tourism is also recovering. There were 47.3 million domestic visitors to New York in 2022 and 9.4 million international travelers, versus 53.1 million domestic tourists and 13.5 million international visitors in 2019, according to the New York City Tourism and Conventions bureau.
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