Jewelry & Watches

The Tiffany & Co. Fifth Avenue Flagship Will Undergo a Massive Renovation

The store accounts for 10 percent of the jeweler's global sales.
IMAGE GETTY IMAGES/ PARAMOUNT PICTURES
Comments

There are few stores as intrinsically associated with New York City as the Tiffany & Co. flagship store on Fifth Avenue. It was through those windows that Audrey Hepburn's Holly Golightly stared as she ate her morning croissant in Breakfast at Tiffany's; there that blue was transformed from mere "robin's egg" to an icon of elegance. And it's there that fans won't be able to shop—at least for a while.

The company has announced that starting in spring 2019, its 10-floor flagship store will undergo an extensive renovation that's set to take three years and cost at as much as $250 million, according to Bloomberg calculations. That number represents approximately 2 percent of Tiffany & Co.'s worldwide net sales last year. The renovation will require a temporary closure of the store itself, but Golightlys in waiting don't need to stress—the company will relocate next door to the former Niketown location on Fifth Avenue, so you can still get your hands on those coveted blue boxes.

“We are extremely excited about the opportunity to transform our iconic New York flagship store and create a dramatic new experience for customers,” Alessandro Bogliolo, Tiffany’s chief executive officer, said in a statement., adding that, "The newly reimagined flagship will serve as the modern crown jewel of our global store network.”

A post shared by Tiffany & Co. (@tiffanyandco) on

Originally opened in 1940, the 124,000-square-foot building plays a major role in the jeweler's portfolio, accounting for upwards of 10% of the overall sales. Itself an attraction for visitors, it has played host to numerous TV and film shoots including the aforementioned Hepburn classic as well as the Reese Witherspoon rom-com Sweet Home Alabama, and is home to the world-famous Tiffany Diamond, a 287.42-carat yellow diamond on permanent display at the store.

This dramatic shift comes on the heels of a year of significant changes for the 181-year-old brand. Since Bogliolo was appointed to the helm last July, the flagship store realized the dream of having breakfast at Tiffany's by unveiling the renovated fourth floor including the all-day Blue Box Cafe, painted New York City cabs, bodegas, and Metrocards in their iconic blue, debuted a custom monogramming service, and even placed a Tiffany & Co. vending machine for their fragrance in their London store. All of these maneuvers, it seems, are aimed at revitalizing the brand and bring in a new, younger customer base. Whether or not that bet will pay off? Well, we'll just have to wait until the newly revamped flagship makes its first appearance in late 2021.

ADVERTISEMENT - CONTINUE READING BELOW

*This story originally appeared on Townandcountrymag.com
*Minor edits have been made by the Townandcountry.ph editors

Comments
About The Author
Lauren Hubbard
View Other Articles From Lauren Hubbard
Comments
Latest Stories
 
Share
This year has been rife with numerous incarnations of the 'Streetwear X High Fashion' variety.
 
Share
"I am lucky to have such a Godfather, but we all are lucky to have such a Prince amongst us," she wrote.
 
Share
 
Share
 
Share
This is the first time in its 118-year history that Michelin chose to highlight a specific cuisine.
 
Share
Hong Kong's most generous givers gathered to give back to the Philippines' poorest families who are living on less than 50 U.S. cents a day.
 
Share
Watch out, Pappy Van Winkle-Japanese whisky is quickly becoming the most coveted spirit in the world.
 
Share
The five-floor fashion mecca on 57th Street will feature limited edition items.
 
Share
"Our technology companies still have a great deal to learn about the responsibilities that come with their significant power."
 
Share
 
Share
Sotheby's brought a few of the French queen's jewels to the auction block.
Load More Articles
CONNECT WITH US