What: Printemps plans to open a flagship store in New York City’s financial district.

Why it is important: The store will be situated in the financial district in which luxury retailers have struggled to draw sufficient shopper traffic as there isn’t a habit of shopping in the neighbourhood. This will not be Printemps’ first attempt at the US market; its 1984 storefront near Denver only lasted three years before closure.

Printemps New York will be located at the base of One Wall Street in a smaller format of 55,000 square feet compared to its Paris store which is ten times the size. The New York store plans to offer brands that are new to the market. The assortment will include wholesale buying with a mix of big brands and newer labels for fashion, jewellery, beauty, gifts, home, and décor. In addition, there will also be a food and beverage offer: a champagne bar, a coffee shop, a cocktail bar, and a brasserie.

The store will not need to pay rent as One Wall Street is owned by the Royal Family of Qatar, which also owns Printemps. This will give the store time to adjust and find its way. Additional Printemps locations in the US are being considered as well.

Printemps’ New York City venture