Retail
Tiffany & Co. Maps Three-Year Renovation of Its Vital Flagship Store
- Shop accounts for as much as 10% of retailer’s annual sales
- Jeweler will temporarily use retail space in former Niketown
Holly Golightly take cover: Tiffany & Co. is renovating its 10-floor New York City flagship store on Fifth Avenue.
The jeweler plans to spend as much as 2 percent of its worldwide net sales on the renovation over the next three fiscal years, which could peg the total cost at as much as $250 million, according to Bloomberg calculations based on last year’s revenue. Construction is set to begin in spring 2019.