NEW YORK — Tiffany & Co. is headed downtown.
That’s downtown, as in Wall Street. Tiffany said Tuesday that it will become the latest luxury retailer to open in the financial district here, as lower Manhattan strives to rebound from the World Trade Center attack.
The New York-based jewelry company said that it signed a lease to occupy the ground floor and mezzanine of the 25-story, Beaux Arts-style building at 37 Wall Street that was constructed for J.P. Morgan & Co. and dates to 1906. The 7,600-square-foot store is to open in fall 2007.
Tiffany will be a neighbor to the French luxury brand Hermès, which plans to open a 5,000-square-foot unit, with 3,200 square feet of selling space, at 15 Broad Street in April 2007.
“We’ve been interested in Wall Street for a long time, with the redevelopment efforts and the resurgence of residential living down there,” said Beth O. Canavan, executive vice president of Tiffany & Co., which has its only store here at Fifth Avenue and 57th Street.
“We also feel like we make shopping a difficult option for such a vibrant business community,’’ she said. “If somebody wanted to purchase something like a diamond engagement ring, it’s difficult for them to come up here during their lunch break, and we’re not open late enough for them to come up after work. On the weekends, our flagship store is so busy. So we think this will better cater to the business community.”
Tiffany is collaborating with Skyline Developers LLC, which is renovating the property in an effort to restore its original grandeur. The building has been owned by Garden Homes Development, Skyline’s parent firm, for two decades. J.P. Morgan departed in 2004. The floors above Tiffany will house luxury residential units.
“One of the most exciting elements in this decision is the building we are going to be part of,” Canavan said. “When we opened our flagship store in the Forties, it was an architectural feat at the time because you could walk into this enormous environment without any columns. This space also has high ceilings and a balcony area above that will be ideal for private selling and will offer a more intimate environment to showcase our jewels.”
This story first appeared in the June 21, 2006 issue of WWD. Subscribe Today.
Tiffany did not reveal details about the store’s interior, although Canavan said the jeweler expects to offer a full assortment of goods, including jewelry, watches, tabletop items, giftware and other accessories, in the new space.
Tiffany has 157 company-operated stores worldwide, 60 in the U.S. The firm had net sales of $2.4 billion last year, a 9 percent increase compared with 2004, when net sales were $2.2 billion.