New York—Barneys New York confirmed today that it will return to its roots by opening a flagship store on 7th Avenue between 16th/17th Streets, the same location the store had in Chelsea for more than 90 years.
Since Barneys opened its flagship store on Madison Avenue and closed the Chelsea location in 1997, the building has continued to be home to retail. Most recently to Loehmann’s, which this week filed for bankruptcy and plans to liquidate in early 2014.
The new Barneys flagship location is scheduled to open in 2017. It will consist of five floors totaling close to 57,000 square feet. The store will have 200 feet of frontage running along the majority of the Seventh Avenue block and wrapping the corner of 16th Street, allows for ample space for its world-renowned window displays.
Sales ‘Biggest Numbers We’ve Ever Done’
Interiors will maintain an aesthetic consistent with the recent renovations of the Madison Avenue store, which emphasize a modern, open, gallery–like feel. The Barneys New York downtown store will carry men’s and women’s designer clothing, shoes, and accessories, and will feature a Foundation level for cosmetics, skincare, and fragrances. Preliminary plans also include a Fred’s restaurant on the uppermost retail floor.
“Today’s announcement represents the realization of our long-standing goal of returning to downtown with a substantial location,” said Barneys CEO Mark Lee. “The opportunity to revitalize our presence with a state-of-the-art store on the same street where the company served customers for 75 years only enhances that plan. We believe the robust and growing downtown market is under penetrated in terms of a larger specialty retailer, and we look forward to serving these customers again with what we anticipate will be one of our most important stores.”
According to Richard Perry, whose Perry Capital hedge fund owns a controlling stake in Barneys since last year, the move back to Chelsea is prompted by a rebound in the luxury retail market. Perry reported that Barneys posted record sales this year and that the Madison Avenue store is doing “the biggest numbers we’ve ever done.”
Barney Pressman opened his men’s store, “Barney’s,” on Seventh Avenue in Chelsea in 1923. Launched as a discount retailer, by the 1970s the store evolved into a New York City luxury menswear destination, becoming an early champion of European brands. In 1976, Barneys began selling women’s clothing, followed by cosmetics, home wares and gifts. Barneys New York expanded into its existing flagship location on Madison Avenue in 1993 where it will remain.