Tiffany & Co to open third New York City store

Reuters News
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Posted: Sep 15, 2011 2:48 PM

(Reuters) - Upscale jewelry chain Tiffany & Co will open a third store in New York City next year, encouraged by the surge in tourism and its large sales gains in recent quarters.

The new store is set to open in September 2012 in Manhattan's trendy SoHo district, a destination popular with tourists, whom Tiffany said last quarter played a major role in its strong results in New York and elsewhere.

The SoHo store opening will coincide with Tiffany's 175th anniversary and will be 7,000 square feet, making it larger than the average of its planned new stores. Tiffany said in a filing in March that most new stores opening in 2011 and beyond would be about 3,500 to 4,000 square feet.

Last year, the flagship store on Manhattan's Fifth Avenue, which is 45,500 square feet, accounted for 8 percent of company-wide sales. Sales in the most recent quarter at that store rose 41 percent compared with year earlier, helped by a rise in the number of international visitors.

Its other current New York location is in the Wall Street area. Tiffany operates 98 stores in the Americas.

Tiffany's shares rose 2 percent to $75.47 in afternoon New York Stock Exchange trading.

(Reporting by Phil Wahba in New York, Editing by Maureen Bavdek)