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.

ADVERTISEMENT - CONTINUE READING BELOW

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.

*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
What good is the freedom that money offers if you don’t know how to relax?
 
Share
Is this billion dollar listing a stunt or the future site of a spectacular mansion?
 
Share
 
Share
 
Share
When vacation time comes around, you’ll find many tycoons, celebrities, and even nobles flocking to these hotspots.
 
Share
Because there's always a special event right around the corner.
 
Share
If you're hoping to shed a few inches-or simply kickstart a healthier lifestyle-here's where to go.
 
Share
The late Carmen Guerrero Nakpil called her friend "the angel who gave wings to the pedestrian fantasies of countless grateful women."
 
Share
The younger sister of Jackie Kennedy may be the most sophisticated tastemaker of her time.
Load More Articles
CONNECT WITH US