What: Printemps’ CEO Jean-Marc Bellaiche was in New York to address a luncheon meeting of the French Founders business club, and also for the National Retail Federation’s “Big Show” convention.

Why it is important: Printemps wants to compete with and differentiate from Saks Fifth Avenue, Bloomingdale’s, Bergdorf Goodman and Nordstrom. To that end, the department store plans on presenting an assortment and range of services that strive to differentiate. The store will take a speciality store approach and aims to be closer to The Webster, the luxury speciality chain.

Bellaiche is well aware of how tough it is for foreign retailers to succeed in the U.S. He acknowledged creating the right mix, particularly in a highly competitive and overstored New York market, won’t be easy. Printemps first came to the U.S. in 1984 when it opened a store on the outskirts of Denver. Three years later, it closed.

Bellaiche spelled out much of the strategy for Printemps at One Wall Street in the heart of the financial district. There will be two selling floors covering a total of nearly 55,000 square feet. The assortment will be developed through wholesale buying, with no leased shops anticipated. The presentation will be a mix of big brands and newer brands. There will be a “wide open” floor plan, as opposed to a series of walled-off branded shops. The assortment will be balanced between fashion, jewellery, beauty and gifts with a little bit of home and decorative. There will also be a significant food and beverage presentation, with a Champagne bar, a coffee shop, a cocktail bar and a brasserie.

The services will be super strong to accommodate the neighbourhood as Printemps will be at the base of a 50-story condominium with 550 units. Among the possible services are a florist and fashion rentals.

The opening of Printemps in New York has been delayed slightly: a mid-2024 opening is now targeted. Printemps, which operates 20 stores, is looking at markets to expand in Asia. In the U.S., Bellaiche will monitor the performance of the One Wall Street location before deciding if there should be additional Printemps stores in the U.S., but the company is not looking at other U.S. cities, at least currently.

What’s on tap for Printemps in NYC