One of New York City’s most famous retail landmarks is set to undergo a total transformation.
Tiffany & Co. will begin a massive renovation of its Manhattan flagship, starting this spring. The 10-story architectural icon, which is owned by the retailer, is located on 5th Avenue at 57th Street.
Tiffany will remain open for business during the revamp in a temporary space nearby, at 6 East 57th St., that was recently vacated by Nike. The renovation is expected to be completed in the fourth quarter of 2021.
Investment in the project is expected to increase Tiffany’s capital expenditures as a percentage of worldwide net sales by 1% to 2% each year for the three fiscal years beginning February 1, 2019.
At its opening in 1940, Tiffany’s Fifth Avenue flagship was one of the most architecturally advanced retail buildings of its type, boasting first-of-its kind central air-conditioning, along with the main floor free of columns, its 24-ft. ceiling entirely supported by trusses. The expansive, 8,400-sq.-ft. main floor also served as a set for such films as “Breakfast at Tiffany’s,” “Sleepless in Seattle,” and “Sweet Home Alabama.”
“We are extremely excited about the opportunity to transform our iconic New York flagship store and create a dramatic new experience for customers,” said Alessandro Bogliolo, who took the reins as CEO of Tiffany & Co. in October. “Innovation will remain at the forefront of Tiffany’s plans for 727 Fifth Avenue, and the newly reimagined flagship will serve as the modern crown jewel of our global store network.”
Tiffany’s sales and profits topped forecasts in its most recent quarter. Executives have promised higher investments in technology, marketing, visual merchandising, and digital and in-store presentations.
Tiffany’s was founded in 1837 by Charles Lewis, with its first location at 259 Broadway. It moved over the years.
The company operates more than 300 stores worldwide.