Printemps opens first U.S. store in Lower Manhattan

Printemps, a luxury French department store, has opened its first store in the United States, located in Lower Manhattan. This new store is at 1 Wall Street, just a short walk from The New York Stock Exchange. The opening is significant as Lower Manhattan has seen several luxury stores struggle to survive. Printemps aims to differentiate itself by promoting a message that it is “not a department store.” This reflects its intent to stand out in a challenging environment. In recent years, other luxury retailers in the area have closed their doors quickly. Saks Fifth Avenue had a location at Brookfield Place that lasted only two years before shutting down in 2019. Meanwhile, 10 Corso Como, a Milanese concept store, only lasted 18 months before it closed in 2020. Printemps opens at a time when many department stores are facing hard times. Major retailers like Macy’s have announced they will close around 150 locations over the next three years, while Neiman Marcus has also seen significant changes with closures following its acquisition. The future for Printemps in New York City remains to be seen, but its officials are hopeful about its unique approach to retail.