The CEO of the luxury French retailer Printemps has a bold vision for the newly opened NYC store: 'It's going to be a living entity'

• Printemps, a luxury French retailer, opened a new location in New York City.
• The launch marks the store's return to the American market.
• Turning the store into a success will take "hard work," a GlobalData Retail analyst says.

A walkthrough at Printemps New York, a new retail venue in Manhattan's Financial District, is different every time you visit — and that's the point.

Ambient noise and mood lighting that changes throughout the day are designed to transport you to a playful Parisian apartment that will feel different at 10 a.m. than it does at 7 p.m. Though the space was originally designed to be part of a bank's headquarters, Printemps intends to make it a destination for foodies, fashion moguls, and local residents alike.

Printemps, a luxury French retailer, had the grand opening of its new location at One Wall Street in New York City on Friday. The Big Apple venture marks a diversion from the company's traditional brick-and-mortar concept to a more experience-focused retail model.

Jean-Marc Bellaiche, the CEO of Printemps, told Business Insider that the project started with the idea that "New York doesn't need another department store." After the closing of Barneys and Jeffrey in 2020, Bellaiche said Printemps saw an opportunity to fill the luxury retail gap and increase its brand awareness among American consumers.

But, he added, the company knew it still needed to offer something different from fellow retailers to attract shoppers in such a competitive market.

The closures of some US retail giants in recent years could suggest that consumers are tightening their purse strings. But Neil Saunders, a retail analyst at GlobalData Retail, said Printemps' new store has the potential to "shake things up" in New York and be a "launchpad" for the brand. He said finding a niche in the city's crowded retail ecosystem and attracting loyal customers to the Financial District will be key.

Betting on the Big Apple

After the pandemic, some department store companies worried that luxury shoppers wouldn't return to brick-and-mortar stores. But a 2024 report from EMARKETER found that 45% of US adult luxury shoppers reported buying luxury goods in person at a department store in the past 12 months, up from 32% in 2022.

Despite a post-pandemic recovery, luxury department stores in the US are still struggling, and consumers are spending less on luxury brands, eating into their profits. "It's going to be very, very hard work to make this succeed," Saunders said. "That doesn't mean they can't, but I think that they're definitely running up a down escalator on this one."

Printemps, which already operates 20 stores across France and one in Doha, Qatar, sees this as an opportunity to do something different. The new venture is a return to the American market for the 160-year-old company; in 1987, Printemps opened its first US department store in Denver, filling a luxury retail niche in the city at the time. But business was slow, and the store closed two years later.

And in New York, Printemps faces more competition. While Bellaiche said there is an appetite for luxury retail in the US and New York, the crowded market is pushing the company to be more experimental.

"I don't think any department store will close because of us, let's be humble," Bellaiche said. "But, is there a way to bring something different, to make the noise, and little by little build a very strong business? We believe so."

An immersive shopping experience

Printemps New York is 55,000 square feet, spanning two floors at the base of a 50-story condominium, but it's a fraction of the size of its Paris flagship. Given its smaller size, the store had to be more specialized, leading the team to move away from shop-in-shops and opt for curated, multi-brand rooms instead, which include womenswear, menswear, beauty, and jewelry.

The French retail chain said it wanted to approach the venture as a "hospitality project" rather than a typical retail store; instead of focusing on making sales, it wants to win customers' time.

As it does in Paris, the space features multiple food and beverage concepts, including a café, raw bar, cocktail bar, Champagne bar, and fine-dining restaurant led by Gregory Gourdet, a three-time James Beard award winner.

The store also features seven shopping areas, each with a unique design to complement the products on display, such as a haute couture Jean Paul Gautier dress, Nike sneakers, and La Rosée cosmetics, a French pharmacy favorite.

One area is the historic red-and-gold mosaic lobby known as the Red Room. Previously the reception room of Irving Trust and Bank Company, it was designated as an interior landmark in 2024. After much conversation over how best to use the Art Deco space, Printemps turned the room into what it's calling a "shoe forest," with tall footwear displays and gold lamps shaped like flowers.

While each room is distinct, Printemps channels maximalism throughout the space with bright colors, whimsical designs, and intricate art that hints at the company's French roots. Instead of having a designated walkway for customers to follow, Printemps encourages customers to wander through the space.

Printemps is also experimenting with programming and events with customers and brands, including talks, takeovers, and pop-ups, which the company hopes will help it engage with local clientele.

Innovating past opening day

While the company told BI it has no plans to replicate the retail concept or strategy, it said it's already using its New York site as a "proof of concept," or testing ground, for its Paris flagship location.

"There's a little bit of that lab spirit for sure," Bellaiche said.

Because Printemps built its New York location from the ground up, it had the opportunity to try new technologies, such as a wayfinding system for customers to explore the store on their phones, and heat map technology to track busy areas and merchandising. Printemps decided to incorporate new brands in its catalog as well. The company said it's considering some of these changes for its flagship store in Paris.

As Printemps continues to look beyond Paris, Bellaiche told BI that the company plans to introduce an e-commerce site in the fall that sells its New York products and ships directly to the US.

"This store will continue the storytelling every month. We need to come with new stories, new exclusive brands, new purpose," Bellaiche said. "It's going to be a living entity."