RAPAPORT… Tiffany & Co. has postponed the unveiling of its new-look flagship store in New York due to the impact of Covid-19 on activity in the city.
“Due to the temporary halt of all non-essential construction activity in New York City and certain related matters in response to Covid-19, [the company] expects this renovation to be completed in spring 2022,” the jeweler explained in a Securities and Exchange Commission (SEC) filing last week. The company originally planned to reopen the store in the fourth quarter of next year.
Tiffany moved to its “Flagship Next Door” at 6 East 57th street in January as construction began at its famed Fifth Avenue location. The refurbishment will add three stories to the landmark building, including a glass-walled private showroom and a terrace on the top floor, according to The New York Times.
Tiffany is scheduled to report its second-quarter earnings results on Thursday, having recorded a $64.6 million loss in the first fiscal quarter as Covid-19 impacted sales in China at the time.
Image: Tiffany’s flagship store on Fifth Avenue, New York. (Shutterstock)
Tiffany Sees Delay in Revamp of Flagship
The Bottom Line
- Tiffany postponed the unveiling of its renovated Fifth Avenue flagship store to spring 2022 due to Covid-19-related construction stoppages in New York City.
- The refurbishment will add three stories, including a glass-walled private showroom and a top-floor terrace.
- Tiffany reported a $64.6 million loss in the first fiscal quarter, affected by Covid-19 impacts on sales in China.
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