The reason diamond stores are moving to Madison instead of Fifth is very simple — the rent (and traffic) is much higher on Fifth and there is no space available. Graff, a fine store of which I am a happy customer, very much wanted to move into the corner store at Trump Tower 56th Street and Fifth Avenue, directly across from Harry Winston — but, as you are aware, Gucci took a much larger five-story space including the corner. In any event, please do not let people tell you that Madison is better than Fifth (WWD, Aug. 20, page one). I own property on both and they are both wonderful streets, but the reasons for the higher Fifth Avenue rents are obvious to retailers — and everyone else.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)