In the midst of economic uncertainty, the allure of luxury goods continues to shine. Data from J.P. Morgan Research revealed that in the fourth quarter of 2022, the luxury market not only enjoyed a robust organic year-over-year growth of 7 percent but also continued its upward trajectory.
In response to this sustained demand, the realm of luxury retailers is witnessing a wave of innovation and expansion. From the exquisite Hermès store inspired by California’s natural beauty to Gucci’s grand London flagship unveiling, and the much-anticipated arrival of Printemps in New York, these new developments signify the luxury market’s evolving landscape. To help you stay informed and inspired, we’ve curated a list of nine new stores and forthcoming openings.
1. Hermès Opens in Topanga
Hermès celebrated the grand opening of its latest store within Westfield Topanga, California, on July 28th this year, marking a significant milestone as the 35th store in the United States and the 6th in the state of California. The store blends in with its surroundings, featuring façade columns inspired by the natural shapes found in the area and a color palette that resembles the nearby canyon.
2. Loewe Opens in East Hampton
On August 1st, Loewe celebrated the grand opening of its permanent boutique on Main Street in East Hampton. The store features the women’s Pre-Fall collection including ready-to-wear pieces, exquisite bags, stunning jewelry, and more. In November, the store will introduce the full men’s collection.
3. Balenciaga Women’s Beverly Hills to Open Next Week
Balenciaga made its debut in Beverly Hills earlier this summer, marking a significant milestone on July 9th with the opening of its store on Rodeo Drive. The brand is now gearing up to launch a dedicated women’s store on the same street, with the opening slated for the upcoming Friday, as confirmed via media.
4. Gucci Flagship Opens in London
On September 5th, Gucci unveiled its latest London flagship on New Bond Street, joining an array of new luxury retailers along this iconic street including Balenciaga, Burberry, and Celine. This new retail destination, leased by Trophaeum Asset Management, spans five expansive floors within a restored 15,000 square-foot Grade-II listed building, originally established in 1913 as an art gallery, adding a touch of heritage and sophistication to the prestigious shopping strip.
5. Marc Jacobs is Expanding and Opening in New York
Marc Jacobs is preparing for an expansion of retail stores, which includes a return to the brand’s origins in downtown New York with a 2,120-square-foot boutique on Prince Street in SoHo. There are also plans for a flagship store on Fifth Avenue scheduled for next year. The expansion doesn’t stop there, as Marc Jacobs will also be venturing into new locations, such as McLean, Virginia; Santa Clara, California; Troy, Michigan; Aventura, Florida; and Oakbrook, Illinois, according to WWD.
6. Printemps in New York Will Open in Spring 2024
French luxury icon, Printemps, is making its first move into the U.S., set to open in New York by spring 2024. Located in the historic 50-story One Wall Street building in the Financial District, this 54,365-square-foot store will bring a local touch and a focus on enhancing omnichannel experiences. The store, spanning two levels, boasts a 346-foot façade along Broadway. Inside, the rare New York City interior landmark, the Red Room, will be a standout feature. Leading Parisian interior designer, Laura Gonzalez, is spearheading the ‘Paris meets New York’ design concept.
7. Canada Goose Plans 16 New Store Openings
In fiscal 2024, Canada Goose plans to open 16 new stores in Mainland China, the USA, and Japan, with most expected to be operational in the second half of the year. The company is committed to improving store performance by leveraging digital strategies to boost foot traffic, enhance customer connections, and optimize global inventory allocation, according to their result reports.
8. Gucci, Cartier, Louis Vuitton Sign Leases in Mumbai Mall
Gucci, Cartier, and Louis Vuitton have signed lease agreements for prime retail spaces in the new Mumbai mall developed by Indian tycoon Mukesh Ambani. This strategic move by luxury brands aligns with Reliance Industries’ vision to capitalize on India’s robust economic growth. Louis Vuitton’s Jio World Plaza store, spanning 7,500 square feet, stands as the most expansive among its four outlets in India, while Cartier opens its second store in the country, and Dior marks its third.
9. Dolce & Gabbana and 13 More Brands to Open in Vegas
The Forum Shops at Caesars Palace is set to enhance its luxury shopping experience by introducing 14 new brands between now and early 2024. Among these additions, Tudor Watches is gearing up for a September opening, while IWC Schaffhausen is set to debut in October. Additionally, you can look forward to the arrivals of Good American, Alo Yoga, and Dolce & Gabbana, all opening their doors in October and November.
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