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NEW YORK — Kate Spade will open a flagship at 789 Madison Avenue, a prime block of the shopping thoroughfare between 66th and 67th Streets, in a retail townhouse with 7,500 square feet of space.
This story first appeared in the July 27, 2012 issue of WWD. Subscribe Today.
“New York City is such an important part of our heritage,” said Craig Leavitt, Kate Spade’s chief executive officer. “We were founded here almost 20 years ago. I see the new location as a testament to the incredible growth of our company over the last few years. This store is a part of the significant expansion of our retail fleet, both domestically and internationally, in the coming months.”
The multilevel store has 1,500 square feet of ground floor space, as well as a mezzanine, third floor and full basement. There’s a two-level glass storefront with 20 feet of frontage just off the corner of 67th Street. Chanel opened a temporary store in the space in February. Retailers in close proximity include Michael Kors, Buccellati and Lana Marks.
“This flagship will give us the opportunity to showcase all product categories,” Leavitt said. “It will allow our customers to be able to immerse themselves in Kate Spade New York as a lifestyle.” The brand’s offerings have grown to include clothing, footwear and jewelry collections, home furnishings, bedding, legwear, fragrance, eyewear and baby items.
Kate Spade, a division of Fifth & Pacific Cos. Inc. operates more than 45 company-owned stores, including two units in Manhattan — on Fifth Avenue and 20th Street and Broome Street in SoHo.
Jennifer Black, a retail analyst, said in a research note Thursday that Kate Spade has the opportunity to introduce a subbrand. “The company will begin evaluating increasing store square footage in order to capture additional sales,” Black said. “Management said today that it will offer lower price points and we believe this should further fuel Kate Spade’s momentum as it should attract a younger customer who is not quite able to make higher priced investments.”