Latest news with #Bellaiche
Forbes
28-03-2025
- Business
- Forbes
Department Store Printemps Brings A ‘Parisian Apartment' Vibe To New York City
The landmarked Red Room features a 30-plus-feet-tall mosaic masterpiece of red and gold tiles ... More created in 1931. Here a bar and lounge is pictured nextdoor. Printemps, a storied Parisian department store, opened in New York City's Financial District last week on the premise that retail is not dead. But it is, perhaps, sleepy. Consumer confidence has plummeted since January and there has been a months-long global slowdown in luxury. But you wouldn't know this by stopping by the 55,000 square foot store laid out like a Haussmannian Parisian apartment with its high ceilings, ornate moldings and herringbone parquet floors. During a soft-opening just ahead of its opening on Friday, March 21, there were plenty of people milling around the two-floor store and across its five eateries. Often with a glass of wine in hand, as is encouraged. Inside the store is broken into ten distinct shopping spaces, with a snaking route on the second floor (containing the beauty department) connecting the north and south parts of the store which includes the landmarked Red Room, a 30-plus-feet-tall mosaic masterpiece of red and gold tiles created in 1931. Overall, there are multiple bars, a cafe and a fine dining restaurant and wine shop slated to open later this year. 'It was clear that New York doesn't need another store. So if [our strategy] was just to open a store in New York, we would not have done it,' said Jean-Marc Bellaiche, the global chief executive of Printemps. Forbes caught up with Bellaiche to discuss the new store, where American and French shoppers differ, and the department store's outlook on the rocky economic climate. This conversation has been edited and condensed for clarity. The 55,000 square foot store laid out like a Haussmannian Parisian apartment with high ceilings, ... More ornate moldings and herringbone parquet floors Emma Sandler: Are there significant differences between French and American shoppers? Jean-Marc Bellaiche: There are some differences. For example, Americans are used to personal shopping. In France, it's newer. But this is a practice that I've decided to export from the U.S. to Paris. We already had it, but it was mostly serving international clients. In the last five years, we went from 20 to 50 [personal shoppers] Another difference I've noticed, and I hope it will be to our advantage in New York, is that French people are a bit more assertive with their individual tastes. When American consumers like something, sometimes everybody's going to like it. And you can have a very positive snowball effect that in Paris, you usually don't get as much. There, if you start seeing the same dress or the same product, or even just a restaurant becomes too popular [they don't want it] Sandler: I hear that time spent in-store is as important to Printemps as sales. Is this true and what's the strategy? Bellaiche: Because of our idea of enchanting clients, we will also care a lot about Google [reviews] and a lot about time spent in the store. Because if someone comes and spends five minutes, who cares? If someone comes and spends two hours or half a day or even a full day, it means that we really marked the day of this person, and then they will talk about it. You don't spend three hours in a store if you don't like it and if you're not going to talk about it later on. A sneaker room on the first floor of Printemps. Sandler: How do you plan to keep up the momentum following the store's opening? Bellaiche: On the product side, we have a very strong buying team that looks at what sells, what doesn't sell, etc. Also, on the product side, we have planned for many ephemeral stories. For example, we opened with Jaquemus as a pop-up, and then later on, we will have Coperni arriving with an exclusive line that they have with Disney. Beyond products, we put a lot of focus on programming. Conferences, talks ... [and I have said] we should do fashion shows in the store. This could become a destination for fashion shows, and so that's another way to drive interest throughout the store. But then, at the same time, we also see the long-term rising attractiveness of this neighborhood. Sandler: There is a broader slowdown in luxury right now. How is Printemps navigating this period? Bellaiche: When you open a store like this, you think about the long term. In the long term, we are very confident in the prospect of luxury. We think people with money will always want to distinguish themselves from others. They will always want to treat themselves with the best, and so, in the long term, there is no question. In the short term, yes, there is a crisis in China. The U.S. consumer confidence was very good, but recently, it has significantly gone down. The fact that the market collapsed a few weeks ago doesn't help. I will comment on politics, but the fact that you know there are threats of war is a concern for consumers. You buy luxury goods when you feel good, and when you're optimistic that tomorrow will be better than today. If you think tomorrow is not better than today, you save money. We have a nice luxury selection and designer selection, but we'll also brought accessibility to the [New York] store. We've brought our [in-house] brand Saison 1865, which is accessibly priced. And then, in beauty, we have brought pharmacy brands that are not crazy expensive. Same for the restaurants. We're not trying to make it a pure luxury.
Forbes
22-03-2025
- Business
- Forbes
Printemps New York Debut Delivers French American Style
Jean Marc Bellaiche and Parker Posey at the opening of Printemps New York. One Wall Street just got a new tenant with a French accent. The eagerly anticipated opening of Printemps New York, which means spring in the Gallic language, arrived to kick off the new season. To mark the occasion, chairman of the department store group Jean-Marc Bellaiche hosted a VIP event Thursday and ribbon cutting Friday morning co-hosted by Anna Wintour. At the soirèe, with champagne flowing, Printemps-branded ice sculpture raw bar, and hors d'ouerves hotshot Haitian American chef Grégory Gourdet. Guests perused the breathtaking space designed by French architect Laura Gonzales, who gave the space a modern Art-Nouveau. caught up with Bellaiche prior to the executives hosting duties, including introducing Noah Cyrus, who serenaded the crowd and escorting Parker Posey and Katie Holmes on tours. Printemps New York Architect Laura Gonzalez and Culinary Director Gregory Gourdet Bellaiche noted that the key difference between the Paris flagship and the New York location is its culinary offerings, orchestrated by Gourdet. "It is different, and it's the same. It's different because the size is much smaller, but the focus on food is stronger. We have a robust food offering in Paris, but it's so big. To have five restaurants in the small space is something else," Bellaiche. Small is relative though as the space measures over 43,000 square feet. He also noted that the space lacks the brand boutiques. However, there is a dedicated Jacquemus salon for the opening. Typical store aisles are also undetectable. To enter on Broadway and to reach the whole store whose first floor is a series of open displays—such as terrazzo vitrines and podiums to display accessories and scattered clothing racks plus three of the eateries—and tour the whole store is an up and down journey via escalators or elevators. The lobby of New York's largest commercial-to-residency building conversion sits between the ground level. "The flow of the consumer journey is completely free. There are no lanes when you enter the salon; we don't tell you where to go," Bellaiche continued. Katie Holmes at Printemps New York. "There are many similarities—the attention to aesthetics, the architecture. Paris is the most beautiful store; this one is even more beautiful, and there is a lot of tribute to Paris here. For example, we brought the fresco by Atelier Roma from France, which Paris inspired. Origami birds are flying in the window by artist Charles Kaisin, who we work with in Paris, too," he noted. Judging by the design and culinary offerings alone, the undertaking was nothing less than a Herculean. "What is tough is that when you open a store in a new country, you open a country. So, you start from scratch with new systems. You form a business too, a new enterprise, warehouse, everything is new. That's a challenge. The construction was also a big challenge, but overall, it went very smoothly," he said. In a welcome speech later, Bellaiche called out Jeffrey Yachmetz of Dilmon LLC for the trouble-free build-out. Midway through the fete, Bellaiche spoke to the crowd from an Art Nouveau-inspired 'gazebos'. "You all need to know how to pronounce 'Printemps'; there will be a test later," the chairman said as he continued to school the crowd. "We have been reinventing retail since 1865, and this store is no exception. In Paris, we were the first to use electricity and put an elevator in the store. Imagine coming to the store to experience the first time your body is lifted from the ground. We put a ski slope on the rooftop of Printemps Paris before. First to showcase Karl Lagerfeld and Marc Jacobs behind our windows. We know what innovation means, and as a start-up of 160 years, we are proud of this," he continued, uttering that the new store's tagline is, 'This is not a department store.' Noah Cyrus performing at Printemps New York "This is a French apartment in the heart of NY, where French curation meets American hospitality. In France, we know beauty and art, but we aren't good at welcoming people; we are aloof and distant, so let's take the best of American warmth, welcoming, and 'hello welcome to NY' approach at Printemps New York where shopping meets culture art experience and food. Similarly, both Paris and New York have landmark status. "It's a tough market, and competition is crowded, but there are four reasons we can bring something to the NYC retail scene. One is architecture, such as the one we inherited: the red room made by muralist Hildreth Meière in 1931 [it was originally made for the Irving Trust Company and closed to the public after 9/11] and the architecture that we built with star architect Laura Gonzales," he said. "The second is a product you will all buy tomorrow when we officially open at 11 AM. Twenty-five percent are new to New York City or hard to find. The third is restaurants, so I want to thank Grégory Gourdet, our executive chef, for participating in this adventure. The last differentiating factor is the programming. This story will be ever-changing. We'll have conferences, talks, pop-ups, so stay tuned for more reason to come to Printemps," he concluded. The welcoming spirit was undoubtedly the staff of a mosaic of New Yorkers from all generations, each with impressive luxury CVs who were polar opposites of early-Aughts snobbish retail associates—hello Jeffrey's New York—epitomized in an SNL skit. These eager fashion experts were friendly and knowledgeable, and they even cut a fine rug to the DJ stylings of Francesca Keller, daughter of fashion editor Elissa Santisi, as the party raged past 11 PM. According to Bellaiche, Printemps defied the New York post-pandemic good retail help dearth. "Well, first, people are proud to work for a gem like this store. This is an extra motivation. We train them on the storytelling this store is full of. We want salespeople to be strong storytellers who know the story of Jules and Augustine Jaluzot and Printemps," Ballaiche explained. Storytelling includes thw history of One Wall Street, formerly a bank, the Irving Trust Company, and consists of the store's piece de resistance, the Red Room, which houses the stores' women's shoes. Other highlights are a 'beauty corridor' and one room dedicated to impeccable designer and Haute Couture vintage. According to US CEO Laura Lendrum promised more labels post-opening due to the typical merchandise ship dates in relation to the late March opening. But its heavy on French brands such as Balenciaga, Coperni, Ami and others scarce to find stateside. Late payments to vendors have become quite commonplace in the US though it's not a practice brands selling to Printemps New York will endure."In this way, we will be more French," Ballaiche assured. Bellaiche is also confident that the third time is a charm for the beleaguered downtown whose redevelopment plans have been thwarted by 9/11, Hurricane Sandy, and, more recently, the pandemic which saw residents paying five-figure rents flee the city. Today, the area boasts Casa Cipriani, a performing arts center, fashion brands like Altuzarra and the cool crowd over at WSA, another architectural gem, the Beekman Hotel, good schools, green spaces, and Jean Georges Tin Building, however beleaguered it may be. 'We are convinced that this is a neighborhood of tomorrow. It's up and coming. It's more and more residential. The people and businesses that were here are different than 15 years ago. Now it's no just bankers, it's fashion, it's tech, it's media, it's all here. It's really a vibrant community and becoming more attractive for any New Yorker.' Judging by the space and its offering, it will be a chic New Yorker.
New York Times
22-03-2025
- Business
- New York Times
Can a French Department Store Make Wall Street Très Chic?
Printemps, a French department store that just opened its first American outpost in Lower Manhattan, is aiming to do what few stores of its ilk have lately done in that area: stay in business. The store at 1 Wall Street, about a five-minute walk from The New York Stock Exchange, is in a part of Manhattan that has recently had a poor track record with luxury retail emporiums. That may be why a marketing campaign emphasizes that it is 'not a department store.' Saks Fifth Avenue's store in the Brookfield Place mall was open for little more than two years before it closed in 2019. A South Street Seaport location of 10 Corso Como, the Milanese concept store beloved for its selection of clothes, art, furniture and books, came and went even faster: It closed in 2020, about 18 months after it opened. Printemps's arrival stateside comes at time when department stores, once a bedrock of the American shopping experience, have also been closing at a rapid clip across the country. In February 2024, Macy's announced that it would shutter about 150 locations over a three-year period (while opening some 15 new locations of Bloomingdale's, which Macy's also owns). In December, Neiman Marcus, one of the country's most illustrious names in retail, was acquired by the company that also owns Saks Fifth Avenue. Soon after came announcements that certain Saks and Neiman Marcus locations were closing. Printemps — the French word for spring — is hoping to buck these trends by offering New Yorkers and tourists a two-story bazaar with Murano light fixtures, mosaic walls, spa treatment pods, bars and restaurants, marble and parquet floors, exhibits of archival haute couture and Champagne to go. Browsing the store's maze of corridors — which are filled with French goods like Jacquemus handbags, Avène thermal water spray, Courrèges minidresses, Carel Mary Janes, vintage Yves Saint Laurent suits and Embryolisse moisturizer — can feel like a decadent Easter egg hunt. 'The French have good taste, they know what's beautiful — they have the level of sophistication,' Jean-Marc Bellaiche, the global chief executive of Printemps, said at a party for the store's opening on Thursday night. About a quarter of the brands it carries are not sold elsewhere in the United States, he added. But the store's hospitality will have a distinctly American flavor: 'Americans are better when it comes to saying, 'Welcome,'' Mr. Bellaiche said. 'They are warmer. The French are a bit aloof.' The store's offerings are a reason he thinks it will succeed. Mr. Bellaiche did not consider opening it in another part of New York, he said. The actress Katie Holmes, who, along with the actress Parker Posey, was among the party's most notable guests, said she thought Printemps had the type of allure to become a shopping destination. 'It has this museum quality to it,' said Ms. Holmes, 46. 'It feels like something to do; it's more entertaining than anything.' Coco Baudelle, 35, a filmmaker in Manhattan who worked at a department store as a teenager, described Printemps as more inviting than its peers. 'It doesn't have the neon bright lights that put you in the mind-set that you are there to shop and receive the sales pitch,' she said, calling the space 'warm.' Ms. Baudelle added that places like the nearby office tower known as the WSA Building have brought new buzz to the financial district. 'So many brands and young people are there,' she said of the building, where Ms. Baudelle had been just before the Printemps party. 'It's relevant and exciting.' Some have characterized Printemps as filling a gap that has existed in New York's retail landscape since the closure of Barneys New York in 2020. Kelly Bensimon, 56, a former model and star of 'The Real Housewives of New York City,' said as much at the party, as have publications like Air Mail on social media. Founded in Paris in 1865, Printemps has 19 locations in France that include an outlet in Giverny and a Tudor-style corner store in the seaside town of Deauville. Its flagship store on Boulevard Haussmann in Paris is a network of three buildings containing products from some 3,000 brands. There is also a location in Doha, Qatar. The company was started around the same time as other famous French stores like Le Bon Marché (1852) and La Samaritaine (1870), both of which, like Printemps, catered to the country's growing bourgeoisie. 'Being French and having an exotic appeal,' might help Printemps succeed, said Hunter Abrams, a 33-year-old photographer in Manhattan. 'There's nothing filling that in-between of fashionable things that are also wearable and maybe push the boundary a bit.' But Mx. Abrams wondered how recent economic events could affect the store's prospects. 'We are in a very precarious financial situation and it does feel like we are on the edge of a cliff,' Mx. Abrams said. 'So who knows. I want it to work.'
