Swiss watchmaker secures flagship location on Madison Ave.
New York City F.P. Journe announced it has signed a 10-year lease for an 800-sq.-ft. space at 721 Madison Avenue, between East 63rd and 64th Streets (the former Graff store), where it plans to open its first New York store and U.S. flagship.
Surrounded by some of the most esteemed brand names, the high-profile space features soaring ceilings in an elegant pre-war building, according to the retailer’s real estate broker The Lansco Corp., which is a member of the X Team Retail Services Network.
“One year ago, vacancies on Madison Avenue were few and far between, and factors such as sky-rocketing rents and high competition for the small number of spaces available on the market kept many retailers on the sidelines,” said Diane Mandel, a managing director at Lansco. “F.P. Journe timed the market perfectly. The exclusivity and high-quality design of their watches has kept the retailer recession-resistant and has given them the edge in securing this prominent location to grow their U.S. presence.”
F.P. Journe currently has boutiques in Boca Raton, Fla., Tokyo, Hong Kong, Paris and Geneva, and will be opening in Beijing in the fall.
“We always had New York planned in our development. We consider New York as one of the very few ‘centers of the world’ and Madison Avenue is its quintessence in terms of a true luxury retail avenue,” said Pierre Halimi Lacharlotte, the partner for F.P. Journe’s New York store. “When we were offered the Graff store location, it became a priority for us.”
The landlord in this transaction is The Winter Organization.
Magnificent Mile debuts Chicago pop-up store
Chicago Target has opened a three-day pop-up store on Michigan Avenue adjacent to the Tribune Tower. The temporary store is marketing a “Bullseye Bazaar” event designed to market the company’s newest brands.
“The overall goal of a pop-up store such as the Bullseye Bazaar isn’t to generate sales,” Target spokesman Joshua Thomas said. “It’s really a buzz marketing tool. It is really about generating exciting and word-of-mouth buzz about Target.”
For the past six years, Target has used the pop-up environment in major markets such as Los Angeles and New York to merchandise seasonal products. The Michigan Avenue store, said the company, features new spring fashions, along with home furnishings, beauty products and food.
M.J. Christensen to reopen Vegas store
Henderson, Nev. Las Vegas-area jeweler M.J. Christensen announced it will reopen its Galleria Mall location in Henderson under a new name.
According to the retailer, the conversion to the new LaReverie concept at Galleria will begin immediately following the completion of a special eight-week store closing and consolidation sale now underway at all four of the nationally known retailer’s metro Las Vegas stores.
M.J. Christensen said it intends to continue operating under its namesake brand at its three freestanding locations at Boca Park and Montecito Marketplace, both in Las Vegas and in Henderson.
The LaReverie store is slated to open in July. “LaReverie will bring together exciting international designer brands focusing on price points primarily between $300 and $2,500, and have strong self-purchase appeal for the fashion-conscious woman,” president and CEO Cliff Miller said.