Printemps, a French department store, has opened its first New York location at 1 Wall Street, targeting the challenging luxury retail market of Lower Manhattan. Unlike struggling peers like Saks Fifth Avenue and 10 Corso Como, Printemps aims to differentiate itself by offering a unique shopping experience highlighted by a two-story bazaar filled with exclusive French goods and a warm, inviting atmosphere. CEO Jean-Marc Bellaiche emphasizes the store’s curated offerings, with 25% of brands unavailable elsewhere in the U.S. Despite economic concerns, Printemps is seen as a potential cultural destination that fills the gap left by the closure of Barneys New York.
Printemps, a French department store that has just opened its inaugural New York location in Lower Manhattan, aims to achieve what few similar stores have managed in the region recently: remain operational.
Situated at 1 Wall Street, a mere five-minute stroll from The New York Stock Exchange, the store is located in an area of Manhattan that has struggled with luxury retail establishments. This may explain its marketing strategy, which underscores that it is “not a department store.”
Saks Fifth Avenue’s presence in the Brookfield Place mall operated for just over two years before closing its doors in 2019. Meanwhile, the South Street Seaport branch of 10 Corso Como, the Milan-based concept store renowned for its curated collection of apparel, art, furnishings, and literature, shuttered even sooner—18 months after its 2020 launch.
Printemps’s New York venture marks a revival: a previous location in Denver lasted around two years after its late ’80s debut. This opening arrives at a time when department stores, once cornerstones of American retail, have been rapidly disappearing across the nation.
In February 2024, Macy’s revealed its plans to close approximately 150 locations over the next three years, while simultaneously launching around 15 new Bloomingdale’s locations, which is also part of Macy’s portfolio. In December, Neiman Marcus, a distinguished name in American retail, was acquired by the same company that owns Saks Fifth Avenue, leading to announcements about the closure of select Saks and Neiman Marcus stores shortly thereafter.
Printemps — translating to spring in French — hopes to defy these trends by presenting New Yorkers and visitors with a two-story bazaar featuring Murano chandeliers, mosaic walls, spa treatment pods, bars and restaurants, marble and parquet flooring, displays of historic haute couture, and Champagne available for takeout.
Navigating through the store’s labyrinthine corridors — adorned with French products such as Jacquemus handbags, Avène thermal water spray, Courrèges minidresses, Carel Mary Janes, vintage Yves Saint Laurent suits, and Embryolisse moisturizer — can resemble an extravagant Easter egg hunt.
“The French have good taste; they recognize beauty and possess a certain level of sophistication,” stated Jean-Marc Bellaiche, the global CEO of Printemps, during a launch party for the store on Thursday night.
He noted that about a quarter of the brands offered are exclusive to this location in the United States. However, the store’s hospitality will carry an unmistakably American touch: “Americans excel at saying, ‘Welcome,’” Mr. Bellaiche remarked. “They are more warm-hearted. The French can be a bit distant.”
The unique range of offerings gives him confidence in its success. Mr. Bellaiche expressed that he had no inclination to consider alternative areas in New York for this venture.
Among the highlights at the launch party were actress Parker Posey and fellow actress Katie Holmes, who remarked that Printemps possesses the charm to evolve into a shopping hotspot. “It has a museum-like quality,” she said. “It feels like a destination; it’s more entertaining than anything else.”
Coco Baudelle, 35, a Manhattan filmmaker with teenage experience in a department store, described Printemps as more welcoming than its competitors. “It lacks the harsh neon lights that signal you are there to shop and endure the sales pitch,” she noted, characterizing the ambiance as “inviting.”
Additionally, Ms. Baudelle remarked that the nearby WSA Building has infused fresh excitement into the financial district. “So many brands and young people are in that building,” she mentioned, having been there just before the Printemps event. “It’s bustling and vibrant.”
Some have suggested that Printemps fills a gap left in New York’s retail scene after the closure of Barneys New York in 2020. Kelly Bensimon, 56, a former model and “The Real Housewives of New York City” star, echoed this sentiment at the launch, a sentiment shared by publications like Air Mail on social media.
Established in Paris in 1865, Printemps operates 19 locations across France, including an outlet in Giverny and a Tudor-style shop in Deauville. Its flagship on Boulevard Haussmann comprises three buildings housing around 3,000 brands. There’s also an outlet in Doha, Qatar.
The company was founded around the same time as other renowned French retail stores, such as Le Bon Marché (1852) and La Samaritaine (1870), both of which also catered to the emerging bourgeois class.
“Being French and possessing an exotic appeal,” could aid Printemps in carving out a niche, said Hunter Abrams, a 33-year-old photographer in Manhattan. “There’s a lack of stylish yet wearable options that push boundaries.”
However, Mx. Abrams expressed concern about how recent economic developments might impact the store’s future. “We find ourselves in a tenuous financial situation, teetering on the edge,” Mx. Abrams stated. “So who knows? I hope it thrives.”