The Battle for Fifth Avenue

Amidst widespread predictions of recession and retail's decline, many wondered about Fifth Avenue's fate post-COVID. Fifth Avenue… it was unclear if the name still held the same allure as when Audrey Hepburn admired Tiffany's windows while eating a croissant in an evening gown at dawn. The legendary toy store F.A.O Schwartz was replaced by an Apple Store years ago, and it seemed Apple might be the last giant drawing customers into a brick-and-mortar store.

But that’s far from the case. From Central Park to St. Patrick’s Cathedral, Fifth Avenue remains the world's most expensive commercial real estate, according to a Cushman & Wakefield study from last November. Brands are vying for spaces as soon as they become available. We're no longer talking about stores but entire buildings and essential flagships for brands.

In 2022, Tiffany reopened its famous store after renovations: a completely reimagined building. While the legendary 1940 façade remains unchanged, Rem Koolhaas's OMA added an extra level to the ten floors—a glass cube resembling a jewelry box. The interior was entirely redesigned by Peter Marino, an architect renowned for numerous LVMH flagships (Tiffany's current owner). The $250 million renovation resulted in an airy space filled with art, from Basquiat to Damien Hirst to James Turrell. Around the same time, Cartier unveiled its historic Mansion, just a few blocks away. It too was refreshed on the outside and completely reimagined inside, with commercial space four times larger, leather-covered walls, and thirty reproductions of the chandelier Pierre Cartier designed for the original building.