Tiffany & Co joins King St luxe mile tiffany and co careers

Tiffany & Co joins King St luxe mile

EXCLUSIVE

Luxe brand Tiffany & Co is to boost the profile of Sydney's King Street with a flagship store that will be the envy of its peers and set the benchmark high for what is seen as the new "core of luxury" of big names along the strip.

Tiffany & Co have signed a lease at 175 King Street, owned by DEXUS Property.
Tiffany & Co have signed a lease at 175 King Street, owned by DEXUS Property.  

It will now call 175 King Street, on the corner of Pitt Street, home after its relocation from 39 Martin Place, following the NSW government's compulsory acquisition of that property to accommodate the Metro rail system.

This will be in the middle of Louis Vuitton on the corner of King and George Streets and Chanel at the corner of King and Castlereagh Street, being dubbed as the King Street "luxe mile".

The new King and Pitt Street store will be Tiffany's 10th location in Australia and fourth in Sydney.
The new King and Pitt Street store will be Tiffany's 10th location in Australia and fourth in Sydney.  Photo: Supplied

The development of the flagship store emphasises the growth of luxury retailers in Sydney and Melbourne, where the landlords and tenants still see considerable growth.

Tiffany & Co will spend the next few months outfitting a 200-square-metre store in Westfield Sydney for its transition stage, for when it moves in November this year. Under the proposal with DEXUS, Tiffany & Co. would transition to a temporary store within this new location and a temporary office at 60 Castlereagh Street from late 2017 until the proposed new flagship opens in 2018.

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DEXUS Property, which owns both buildings, has worked hard with the upmarket jeweller to create a 3-storey, 2275-square-metre headquarters and flagship store, slated to open in late 2018. It will encompass the retail store and the group's Australia/NZ head office.

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Stewart Hutcheon, DEXUS executive general manager, retail and new fund development said DEXUS has worked "collaboratively with Tiffany & Co. on this proposal, and if approved we look forward to continuing our long-term relationship".

"The proposal potentially activates an identified repositioning opportunity within our city retail portfolio which will add significant prominence to the central Sydney luxury retail precinct."

Alistair Palmer, national director, retail services group who acted as adviser to Tiffany & Co, said it was a very complex transaction for both tenant and landlord due to the compulsory aquisition of Tiffany's highly successful existing store and regional office at Martin Place.

"As advisers we had to source a suitable replacement, negotiate terms, secure vacant possession and open prior to the aquisition deadline, which was incredibly complex to conclude, but the willingness of both Tiffany & Co and DEXUS will ensure that Tiffany & Co maintains a true global flagship store in Sydney, this new store will be the height of luxury in Sydney," Mr Palmer said.

Glen Schlehuber, vice-president and managing director of Tiffany & Co. Australia and New Zealand said the new store lease would mark an "exciting new journey of the Tiffany & Co. brand in Australia".

"We have enjoyed over 22 years of successful growth in Australia, and Sydney is an important market for Tiffany globally. The new flagship will be a world-famous centre for luxury, style and sophistication that is synonymous with New York," Mr Schlehuber said.

The new King and Pitt Street store will be Tiffany's 10th location in Australia and fourth in Sydney with the Bondi Junction, Sydney International Airport and Westfield Sydney boutique. The jeweller also operates stores in Melbourne, Queensland, Adelaide, Perth and Auckland.

CBRE's, leasing director, retail services, Zelman Ainsworth, said recently that international retailers are attracted to Australia for its untapped and politically safe market.

"Melbourne is recognised as an international city, retailers that want to have a global presence they need to have a flagship store in Melbourne, international retailers are reporting very impressive sales from the stores in the Melbourne CBD which is driving the demand," Mr Ainsworth said.

DEXUS Property is releasing its half-year results for December 2016 on Wednesday.


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About Tiffany

Breakfast at Tiffany & Co. has turned into a bountiful buffet, complete with the finest crystal and flatware, as well as more ubiquitous fare. Its specialty is fine jewelry, but the company also puts its name on silverware, timepieces, china, stationery, and other luxury items. Many products are packaged in the company's trademarked Tiffany Blue Box. – more... 

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Claim this company page
Headquarters
727 5th Ave.
New York NY, United States 10022
Revenue
$1B to $5B (USD)
Employees
5,001 to 10,000
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xt">quickly I was hired as seasonal was told permanent! after. 6 month as 2 weeks before 6months they fired me ..co-workers are excellant

Tiffany Questions and Answers

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CEOWorking Hours

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Claim this company page
Headquarters
727 5th Ave.
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Revenue
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Industry
  • Retail
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-size-small a-color-secondary a-text-strike">£242.80+ £25.99 delivery
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