Tiffany & Co. is set to begin a complete renovation of its renowned New York City flagship store in spring 2019, the company has confirmed.
The 10-story architectural icon at 57th Street and 5th Avenue has served as the cornerstone of Manhattan’s most fashionable shopping district since its opening in 1940.
Alessandro Bogliolo, CEO of Tiffany & Co, said the brand intended to create a “dramatic new” experience for customers.
“Innovation will remain at the forefront of Tiffany’s plans for 727 Fifth Avenue, and the newly reimagined flagship will serve as the modern crown jewel of our global store network,” he stated.
With an anticipated completion in the fourth quarter of 2021, investment in the project is expected to increase the company’s capital expenditures as a percentage of worldwide net sales by 1-2% each year for the three fiscal years beginning 1 February 2019.
Historically, the location of Tiffany’s New York City flagship store followed the path of the city’s growth, beginning with founder Charles Lewis Tiffany’s first emporium at 259 Broadway, which opened in 1837.
He subsequently moved his store to 271 Broadway (1847), 550 Broadway (1853) and Union Square and 15th Street (1870). Three years after his death in 1902, the store moved to Fifth Avenue and 37th Street; and in 1940, Tiffany’s current location opened at 727 Fifth Avenue.
At its opening, Tiffany’s Fifth Avenue flagship was one of the most architecturally-advanced mercantile buildings of its type, boasting first-of-its-kind central air-conditioning, along with the main floor free of columns, its 24-foot ceiling entirely supported by trusses.
The expansive main floor has also served as a set for such films as Breakfast at Tiffany’s,Sleepless in Seattle and Sweet Home Alabama.
The company will lease a temporary space at 6 East 57th Street while the store is reconstructed.