A piece of Paris has officially landed in New York City as French luxury retailer Printemps opened its inaugural U.S. store in the Financial District this week. The grand opening, celebrated on Friday, coincided perfectly with the onset of spring — a season that mirrors the store's name. This expansive 55,000-square-foot location spans two floors and offers a diverse range of merchandise, including clothing, shoes, handbags, makeup, and more.
One of the standout features of the Printemps store is its selection of brands, with approximately 25% being either unavailable or rare in the U.S. market. Notably, the store features the Joseph Duclos brand, a luxury name from France known for its exquisite handbags, one of which was recently sported by pop icon Taylor Swift. In an interview with CNBC, Printemps CEO Jean-Marc Bellaiche stated that the retailer aims to differentiate itself from other luxury players through its stunning architecture, a distinctive mix of popular luxury brands alongside hard-to-find French labels, and a variety of programming and services, including beauty treatments and clothing repairs.
Founded in 1865, Printemps operates 20 department stores across France. The U.S. location emphasizes an experiential shopping approach, showcasing rotating displays that resemble pop-up shops alongside unique food concepts, such as a café offering authentic French pastries and a restaurant. The store's playful design draws inspiration from a traditional Parisian apartment and is located within the historic Art Deco skyscraper at One Wall Street.
One of the most captivating areas within the Printemps store is the Red Room. This Art Deco-style room features stunning floor-to-ceiling mosaics in red and gold, crafted by renowned muralist Hildreth Meière in 1931. Once a reception area and banking hall for the Irving Trust and Bank Company, this room has been designated an interior landmark by the New York City Landmarks Preservation Commission. Printemps has beautifully restored the Red Room, transforming it into a "shoe forest," where shoppers can explore a curated selection of footwear while enjoying a glass of wine from a nearby bar.
Printemps is set to elevate the culinary experience with the upcoming opening of Maison Passerelle, a fine dining restaurant led by Gregory Gourdet, a two-time Top Chef finalist and a three-time James Beard Award winner. This elegant dining venue is scheduled to open in April, further enhancing the store's appeal as a luxury destination.
Printemps is launching its U.S. store amidst a global slowdown in luxury spending. Even affluent consumers are becoming more cautious with discretionary purchases, as inflation and economic uncertainty take their toll. In China, a critical market for high-end goods, luxury spending has yet to recover to pre-pandemic levels. According to a recent report by consulting firm Kearney, sales in the global luxury industry are projected to grow by only 1% to 3% annually through 2027. This marks a stark contrast to the significant 27% jump in global luxury spending recorded from 2020 to 2021.
Despite these challenges, the U.S. remains an attractive market for luxury brands due to consumers' resilience. Brian Ehrig, a Kearney partner, noted that the U.S. economy is relatively robust compared to other major economies, and Americans have a strong affinity for shopping. This environment has encouraged other high-end retailers, such as Tiffany & Co. and Louis Vuitton, to invest in large, eye-catching physical stores in New York City. Ehrig emphasized the importance of the in-person experience in luxury retail, where personalized service elevates the shopping experience beyond what can be replicated online.
In addition to luxury retailers, internationally based brands with lower price points, such as Primark from Ireland and Mango from Spain, are expanding their presence in the U.S. For Printemps, the opportunity in the American market became increasingly clear following the Covid-19 pandemic, as more Americans visited Paris and its stores. Bellaiche revealed that Americans rank as the third-largest spenders at Printemps, behind the French and Chinese, with sales to American customers tripling from 2019 to 2024.
Even with its focus on luxury, Laura Lendrum, CEO of Printemps America, highlighted the store's commitment to inclusivity by incorporating more accessible items for tourists and aspirational shoppers. Visitors can enjoy a cup of coffee or browse affordable gifts priced around $50, making the Printemps experience inviting to a broader audience.
