Limelight Marketplace in Manhattan to become a department store
New York City — Limelight Marketplace, an indoor mall in Manhattan, is getting a major — and costly — makeover. The shopping venue will re-launch in September as a three-story department store called Limelight. Renovation costs will total almost $4 million.
"We want to display Limelight as a ‘fashion-forward’ venue with sophisticated and modish aesthetics," said developer and owner Jack Menashe. "The restored architecture makes Limelight the distinctive spot that it is — allowing for an exciting shopping experience.”
Opened amid much fanfare last May, Limelight Markeplace is located in a landmark deconsecrated chuch that housed a famous nightclub (The Limelight) from 1983 to 2001. Developer and owner Jack Menashe converted the building into a 30,000-sq.-ft. urban mall with an eclectic mix of boutique tenants. According to reports, the center has suffered from lack of traffic since it opened.
Menashe said he determined that the space was too small for the 40-vendor shopping center and decided to convert it into a single department store that will feature such brands such as Bed Stu, PRPS, Nudie Jeans and James Perse, as well as eateries Grimaldi’s and Todd English’s CrossBar. In a Wall Street Journal article, he described his upcoming retail venture as “not unlike Barneys.”
The space will be made over with darker walls and dimmer lights to complement the building’s design and stained glass windows.
Limelight has hired ad shop Conversation to drive marketing efforts for the new venue.
Tiffany’s names new finance execs
NEW YORK— Tiffany & Co. announced thatPatrick McGuiness has been appointed SVP and CFO and thatJames Fernandez has been appointed to the newly-created role of COO.
McGuiness joined Tiffany in 1990 and has held a variety of management positions within the finance and merchandising divisions. He was promoted to senior vice president – finance in 2007, responsible for Tiffany’s worldwide financial functions. With this appointment, he will continue to be responsible for accounting, treasury, financial planning and financial services and will now also be responsible for the company’s investor relations program.
Fernandez has served as the company’s CFO since 1989 and was promoted to EVP and CFO in 1998. Over the years he added other responsibilities including diamond operations, real estate operations, distribution, manufacturing, customer service and security. He joined Tiffany in 1983.
Michael Kowalski, chairman and CEO, said, "These two executives have both developed first-class finance and operations functions, and I consider this to be a natural progression consistent with the company’s continuing organizational development."
As EVP and COO, Fernandez will continue to report to Kowalski. As SVP and CFO, McGuiness will continue to report to Fernandez.
Video game developer Electronic Arts to open stores
New York City — Electronic Arts, the Redwood City, Calif.-based sports video game developer, will make its freestanding retail debut this fall, opening an EA Sports store in North Carolina’s Charlotte/Douglas International Airport.
The company is looking to open at least two additional stores in the next year.