This fall and the early months of 2024 promise to convey much more enlargement. Citizen, for instance, lately introduced it’s planning to open a three-level, 7,000-square-foot flagship close to Rockefeller Center in Manhattan in December that may showcase its timepieces alongside its sibling manufacturers Bulova, Frederique Constant, Accutron and Alpina.
“We want the consumer to have this immersive experience,” Jeffrey Cohen, president of Citizen Watch Co. of America, mentioned.
David Hurley, the New York-based deputy chief government of the Watches of Switzerland Group, headquartered in Leicester, England, mentioned competitors for the finest and largest retail places had reached a fever pitch. (Indeed, in late July, LVMH Moët Hennessy Louis Vuitton, the world’s largest luxurious group by each manufacturers and gross sales, reported its outcomes for the first half of 2023: Operating investments ballooned to three.6 billion euros, about $3.9 billion, throughout the interval, together with €1.5 billion spent on industrial actual property.)
“If you look at the best malls around the U.S., you’ve got the major luxury groups, particularly LVMH and Kering, where it’s almost like a land grab out there,” Mr. Hurley mentioned. “If they’ve got stores that are 5,000 square feet, they’re looking to expand them to 15,000 square feet.”
He cited an instance from his personal firm’s retail playbook: In late 2018, Watches of Switzerland opened its first multibrand retailer in the United States, in Manhattan’s SoHo neighborhood, adopted in March 2019 by a second in the Hudson Yards retail complicated. Come January, the firm is planning a 3rd metropolis location at One Vanderbilt, a 93-story skyscraper on forty second Street, subsequent to Grand Central Terminal.