During the Spring of 2019, Tiffany & Co. will begin renovating their world renowned New York City Fifth Avenue flagship location, remaining quiet on the amount of expenditures they are making for this radical change. However, recent calculations from Bloomberg have put the three-year long project at around $250 million for the company.
This flagship location opened in 1940, occupying ten full stories on the corner of New York City's 57th street.
“We are extremely excited about the opportunity to transform our iconic New York flagship store and create a dramatic new experience for customers," said Tiffany CEO Alessandro Bogliolo in regards to the new renovations being made. "Innovation will remain at the forefront of Tiffany’s plans for 727 Fifth Avenue, and the newly reimagined flagship will serve as the modern crown jewel of our global store network.”
The location's facelift is supposed to be finished by 2021, and the company doesn't plan on letting business slow, as it “expects to remain open for business throughout.” However, the store will be expanding to 6 E. 57th Street during renovation for easier access and less disruption. Jewelers and jewelry consumers everywhere will have to wait until 2021 and see just what Tiffany & Co. are planning with these changes to their flagship store.