Tiffany & Co.’s New York flagship store is one of the most recognized jewelry retail spaces in the world. Its importance to the luxury jeweler can’t be overstated as it accounts for upwards of 10% of the company’s global sales. But even an icon needs an update now and then.

Tiffany said Tuesday that it plans “a complete renovation” of the 10-story building on 57th Street and 5th Avenue, as part of an overall strategy “to redefine the modern luxury retail experience.” READ MORE