FERRAGAMO PLANS N.Y. FLAGSHIP
Byline: Sharon Edelson
NEW YORK — Salvatore Ferragamo, which opened two small stores in Trump Tower a little over a year ago, is planning to open a flagship just a couple of blocks away, at 663 Fifth Ave., near 53rd Street, in fall 1996.
Massimo Ferragamo, president of Moda Imports, the U.S. importer of Ferragamo, said the company is not planning to close the Trump Tower stores “at the moment.”
The new store will have a total of 12,000 square feet with 6,500 square feet of selling space. Ferragamo said the company has not yet decided exactly what the new store will offer but indicated it would be a mix of men’s and women’s merchandise.
“Right now we want to increase our retail presence in New York City,” Ferragamo said. “Our two locations [in Trump Tower] are very good locations, and we like them very much. “The only problem,” Ferragamo said, “is they are too small. We would like to give adequate space to both men’s and women’s fashion and accessories.”
Ferragamo’s men’s store in Trump Tower is 1,200 square feet; its women’s store is 2,800 square feet.
“It’s not that there are lines that we don’t have room to present,” Ferragamo said. “We can’t offer the service we would like to give our customer because the small spaces tend to get tense pretty quickly. “For the right exposure and right service,” explained Ferragamo, “we didn’t have a choice but to expand our space and there wasn’t space available in Trump Tower.
“We have decided to take this additional space and keep both existing stores open,” Ferragamo said.
According to real estate sources, however, brokers have been showing the Trump Tower Ferragamo stores to other prospective tenants.
Donald Trump also seemed amenable to making a deal should Ferragamo wish to break its leases.
“Ferragamo is doing record business, the highest of any store of its kind in the U.S., but if they ever approached me about wanting to consolidate to one location I would work with them,” Trump said. “They haven’t expressed an interest in doing that, but I’d certainly be willing to talk to them.”