NEW YORK — Tiffany & Co. went back to its roots last week.
Tiffany chairman and CEO Michael Kowalski likened the inauguration of the company’s new 11,000-square-foot store at 37 Wall Street to a homecoming for the 170-year-old brand, which opened its first store on Lower Broadway in downtown Manhattan in 1837.
Daniel Doctoroff, the deputy mayor of New York City, said at the opening ceremony last Thursday, “If you trace Tiffany’s migration north, it corresponds with the decline of Lower Manhattan.”
However, the area in recent times has seen somewhat of a renaissance, as parks and transportation hubs are being refurbished, and the population is increasing (from 22,000 in 2001 to 70,000 projected for 2010). “Lower Manhattan will be restored as one of the great civic icons anywhere in the world,” Doctoroff said.
Other luxury retailers have already planted downtown roots this summer, and Tiffany follows Hermès and Thomas Pink, which both opened outlets around the corner on Broad Street. A Canali store is scheduled to open there in February 2007 and Brioni is reportedly negotiating a lease on Broad Street as well.
The men’s offerings inside the three-level Tiffany store include watches, cufflinks, belt buckles, key chains, money clips, Swiss Army knives in sterling silver, neckties, cologne and jewelry, the majority of which is housed in a “men’s salon” in the front right-hand section of the ground floor. The new store, located right down the block from the New York Stock Exchange, offers one of the largest assortments of men’s jewelry and watches of all Tiffany stores.
The store also features the Tiffany Grand Wall Street watch, which is available exclusively at this location, and retails for $7,350.
Architectural firm Yabu Pushelberg and in-house Tiffany architects redesigned the interior of the Beaux Arts–style building. A lighting sculpture by Ingo Maurer hovers over glass display cases in stainless steel and East Indian rosewood. Tiffany will be the exclusive retailer in the 25-story skyscraper, one of the oldest remaining high-rises on Wall Street.
Trumpeters were on hand to herald the “new era” at the ribbon-cutting ceremony after Kowalski rang the opening bell at the NYSE. If the new store pays tribute to Tiffany’s past in its location, it will also do so more visibly, as a time capsule with a bronze plaque will be installed at the entrance, containing items relevant to Tiffany history and the opening of the Wall Street store.