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Faith Hope Consolo
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In the News

Gucci Will Open Store in Trump Tower on Fifth Avenue

Dec. 21 (Bloomberg) -- Gucci Group NV plans to move its flagship store to New Yorks Trump Tower on Fifth Avenue and expand on the worlds most expensive shopping street.

Gucci, the third-largest luxury goods maker, will lease 45,000 square feet and leave its store at 54th Street and Fifth Avenue, the company said today in a statement. When the new store opens in 2008, it will be Guccis largest in the world.

The luxury retailer is filling the biggest retail vacancy on Fifth Avenue and taking space on a strip where rents are at least $1,200 a square foot, said Faith Hope Consolo, chairman for retail rentals and sales at New York brokerage Prudential Douglas Elliman. Its also growing as demand for luxury goods surges.

The space at the corner of 56th Street will give Gucci ``a more dominant presence next door to Tiffany, across the street from Prada, at the crossroads of the most luxurious retail district in the world, said Consolo.

``Gucci has had a retail presence in New York City since 1953, Chief Executive Officer Mark Lee said in the statement. ``This exceptional new store location will provide us with an outstanding opportunity to relocate our Fifth Avenue business offering our customers the ultimate luxury shopping experience.

Replacing Asprey

Donald Trump, the real estate developer and host of ``The Apprentice television show on NBC, lured Gucci after losing British jeweler Asprey Plc, which canceled the remaining 17 years of its 20-year lease earlier this year.

In July, Trump promoted the availability of the retail space by having it wrapped in white sheathing that proclaimed: ``The worlds best retail corner -- theres only one. Trump also included the phone number of listing agent Stephen Siegel, chairman of global brokerage for CB Richard Ellis Group Inc.

Gucci, which sells handbags that can cost $19,000, more than most Toyota cars, is growing faster than the industry average of 7 percent to 8 percent this year, PPR CEO Francois-Henri Pinault said on Dec. 7.

The chain is also expanding. It opened an eight-story building in Tokyo last month and a shop in Atlantic City, New Jersey, in July. Gucci operates 216 stores.

The move to the Trump space spread over three levels and clad in pink marble will be a marketing coup for the retailer, said Howard Davidowitz, chairman of his own retail consulting firm in New York.

``The Trump space fits the Gucci image of fashion forward glitz better than where they are, Davidowitz said.

 

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