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By: Hal C Clarke
Fashion designer Marc Jacobs is currently in negotiations with the owners of 645 Fifth Avenue to establish a new flagship store, according to sources familiar with the matter. This move comes after the luxury brand recently shuttered its Madison Avenue store located at 655 Madison Ave.
The closure was accompanied by a sign indicating that the brand would soon be relocating to Fifth Avenue, NY Post reported.
Despite these developments, no official lease agreement has been signed for the retail space at 645 Fifth Avenue, which is co-owned by a partnership that includes Oxford Property Group and various Middle Eastern stakeholders. An insider cautioned that the deal is still subject to potential setbacks.
The potential Marc Jacobs relocation would be a significant development for Fifth Avenue, as the area continues to recover from the impacts of the COVID-19 pandemic. Other changes in the vicinity include Swarovski’s plans to open a 14,000 square-foot flagship store at 680 Fifth Ave., taking over part of the previously vacant Gap space in November. Additionally, jeweler Harry Winston is set to expand into one of the former Henri Bendel townhouses at 712 Fifth Ave., temporarily relocating to the St. Regis Hotel until renovations at 718 Fifth Ave. are complete.
Furthermore, JLL vice-chairman Richard B. Hodos is actively marketing a vacant 20,014 square-foot retail space at 681 Fifth Ave. This space, previously occupied by Tommy Hilfiger, features six nearly column-free floors, a third-floor outdoor terrace, and a grand spiral staircase. Hodos expressed a preference for securing a luxury tenant for the space but noted that global brands seeking increased exposure could also be potential candidates.
Marc Jacobs is a globally renowned fashion designer celebrated for his innovative contributions to the fashion industry. Born on April 9, 1963, in New York City, Jacobs displayed a flair for design from a young age. He attended the Parsons School of Design, where his talent and creativity quickly earned him recognition.
In 1986, Jacobs launched his eponymous fashion label, Marc Jacobs, which gained widespread acclaim for its unique blend of grunge and high fashion during the 1990s. He further solidified his status as a fashion icon by serving as the creative director for Louis Vuitton from 1997 to 2013, where he injected a fresh and modern sensibility into the brand.
Throughout his career, Marc Jacobs has received numerous accolades, including multiple awards from the Council of Fashion Designers of America (CFDA). His work continues to influence and shape the fashion landscape, with his brand encompassing ready-to-wear collections, accessories, fragrances, and more. Jacobs remains a celebrated figure, known for his artistic vision and bold, boundary-pushing designs.
These developments align with a broader trend of significant investment in the Fifth Avenue area, particularly between East 48th and East 60th streets. Notable investments include Rolex’s construction of a $250 million flagship office and retail tower, Tiffany & Co.’s $250 million redesign and expansion of its flagship store, Saks Fifth Avenue’s $250 million comprehensive redesign, Cartier’s $50 million storefront revitalization, and Tishman Speyer’s $185 million project to convert part of 10 Rockefeller Plaza into a Little Nell hotel.
Both Joanne Podell, vice-chairman at Cushman & Wakefield, and Hodos believe in a bright future for Fifth Avenue’s retail scene, with luxury retailers like Apple and Rock Center anchoring the avenue’s resurgence and more affordable options complementing the mix below. The ongoing transformation of Fifth Avenue appears promising, offering a positive outlook for the iconic shopping destination.
