Lower Manhattan has a new luxury retailer — that came all the way from France.
French department store Printemps opened its only U.S. location on March 20 at 1 Wall St., across from Trinity Church in Lower Manhattan’s tourism hub. Advertising itself as more than just a purveyor of luxury goods, Printemps attempts to make its mark in an area where high-end brands and retailers have struggled to stay afloat.
Some luxury retailers and high-end brands in Lower Manhattan have failed to stay in business because of a shift toward online consumers or declining foot traffic in certain areas.
In 2018, Saks Fifth Avenue closed its Brookfield Place location after two years. The company said the store was a “test concept” to determine whether consumers preferred in-person or online shopping — the latter proved to be the case.
10 Corso Como, a Milan-based fashion brand, closed its Seaport location after two years. Many of the area’s shops and restaurants shuttered following Hurricane Sandy in 2012 and struggled to regain its tourist appeal in the following years.
The retailers join a group of department stores that are closing locations nationwide, such as Macy’s, who announced it would close 66 of its underperforming stores to invest in other locations that could generate profits and move the company “forward.”
As Printemps settles in the Financial District, an area known for landmark sites that attract tourists, the brand wants to set itself apart by distinguishing itself as a place full of experiences.
Printemps was founded in Paris in 1865 and has 20 locations, the majority of which are in France, with one in Qatar. The New York store, which spans 55,000 square feet across two floors, features an extensive selection of clothing, shoes, handbags and more.
According to Printemps CEO Jean-Marc Bellaiche, roughly 25% of the brands it carries are rare or unavailable elsewhere in the United States. The store offers spa services, consultations, brand pop-ups and a fine dining experience at its restaurant, which will open in April.
The creation of Printemps also included the renovation of the Red Room, which the city designated as an interior landmark. Once a reception hall and baking room for Irving Trust Co., the space will now feature a selection of shoes and a bar.
As Printemps looks to gauge consumer interest, its performance in the Financial District will be closely watched to see how it fares. In addition to the financial struggles luxury retailers face, the area struggles with storefront vacancies.
According to an analysis by the Department of City Planning, the Financial District and Battery Park City neighborhoods had a 24.2% vacancy rate in the third quarter of 2024, the highest in the city.
The shift to remote work in 2020 impacted local businesses that once relied on office workers who would stop by for lunch or shopping while in the city. While employment and attendance in offices have risen since the pandemic, 13% of New Yorkers now work from home.
As a result, fewer office workers roam Lower Manhattan and Midtown compared to pre-pandemic levels, leaving local businesses to feel the financial impact of reduced foot traffic.
As the area’s businesses rebound and more stores enter Lower Manhattan’s section of Broadway, the U.S. luxury retail market could face more setbacks.
The global luxury market is expected to experience slow growth, influenced by inflation, unpredictable tariffs, and the rise of “dupes,” which may impact consumer spending on designer items. However, the United States is set to outpace other countries, with growth projected to reach 4% to 6% from 2025 to 2027.
Given the anticipated price increases and the complex track record of businesses in the Financial District, Printemps will be closely followed to see if it can live up to its expectations.
