Behind the Decision by Printemps to Make its U.S. Debut in FiDi Despite its Incohesive Retail Scene
The confusing mix of retailers that line the blocks of Lower Manhattan has led to the description by some as being a neighborhood with an “identity crisis.” As the neighborhood began to emerge from the September 11th attacks, the energy around the rebuilding sparked increased interest among retail “brands eager to be a part of that story.” Tiffany opened on Wall Street and around the corner across from an “I Love New York” tourist shop, Broad Street welcomed Hermès shortly after. Then came the opening of Casa Cipriani in the Maritime Building, the Tin Building market by renowned chef Jean-Georges in the totally refurbished landmarked structure, and the debut of the Perelman Performing Arts Center within the World Trade Center complex. However, what appeared to be the start of a retail transformation was short lived, leaving Lower Manhattan with what has been described as a “hodgepodge of ultra-luxury stores, discount clothiers, and tourist emporiums.” This lack of a cohesive vision has led some skeptics to question why “one of France’s oldest and most renowned department stores” would choose the Financial District (FiDi) for its U.S. debut. Those that see the picture differently point out that “businesses in the neighborhood are serving three very different populations: office workers, tourists, and increasingly, residents” as the neighborhood experiences “growing pains” in its shift from predominantly commercial to predominantly residential,” a trend that is being further fueled by a number of office-to-residential conversions including Printemps location in the former Bank of New York building that underwent a redevelopment into a 566-unit mixed-use condominium.
The recent opening of Printemps along Broadway at the base of One Wall Street brings hope to many of a “larger shift in the neighborhood’s retail fortunes.” Laura Lendrum, CEO of Printemps America, paralleled the FiDi opening to that of the company’s 1865 launch of its first store in the Haussmann area of Paris, which was similarly undergoing a major transformation, further stating “it was only natural that we be the ones to pioneer the neighborhoods’ retail footprint.” A spokesperson for Printemps described the roughly 55,000-square-foot location as a “’hospitality’ concept with an emphasis on customized services, designed to give the appearance of a “lavish French apartment,” rather than a typical American department store” — an experimental concept that Lendrum said would have been harder to pull off had they opted to open someplace more expected like Madison Avenue or the Plaza District. Printemps hopes to benefit not only from the growing residential population that has “money to spend,” Lower Manhattan boasting a median rent well above that of Manhattan’s at $4,600 per month according to the Q4 2024 report by the Downtown Alliance, but also Broadway’s “incredible accessibility” and unparalleled public transportation access. Perhaps best put by real estate agent Tara King-Brown and FiDi resident of 11 years, as the oldest commercial district in Manhattan, FiDi’s “many eras of inhabitants are reflected in the odd jumble of stores and restaurants you find here,” which “is, in fact, very much New York.”
Source: https://www.curbed.com/article/printemps-fidi-wall-street-retail-scene-manhattan.html