The third time, with charms
On the Strip, Tiffany & Co. has become the Starbucks of the high-end jewelry business.
While comedians often joke that the coffee chain seemingly has a store on every street corner, Tiffany's hit the trifecta on a less-than-one-mile stretch of Las Vegas Boulevard.
The 173-year-old New York City based-company celebrates the grand opening of its third Strip location today at the Crystals retail and dining district inside CityCenter.
The 10,000-square-foot, two-level store, which had a soft opening in December, fronts the Strip with an 85-foot-high glass facade and an entrance from the sidewalk.
The Crystals location continues Tiffany's marriage with the gaming industry and the Strip's luxury retail centers. The company's two other Las Vegas stores are in the Shops at Via Bellagio and the Forum Shops at Caesars.
You don't need to train for the Rock 'n' Roll Marathon to visit all three Tiffany's. They are minutes apart.
Tiffany's, known for its distinctive jewelry, diamonds and its trademarked Tiffany Blue packaging, owns multiple stores in several cities, including Los Angeles and New York, where it still operates its flagship building on New York's Fifth Avenue. The company has 79 stores in the United States.
Tiffany Group Vice President Edward Gerard said all three Las Vegas locations are unique. The newest store at Crystals, however, will become the company's Strip showcase.
"We're very familiar with the Las Vegas market. Customers tend to remain loyal to the resort where they are staying and the resorts are doing things to keep people on those properties." Gerard said.
When the 500,000-square-foot Crystals, designed by architects Studio Daniel Libeskind the Rockwell Group, was unveiled, high-end retailers signing on included Prada, Gucci, Roberto Cavalli, Christian Dior, Versace and Bulgari.
Tiffany's executives knew the company needed to be part of the development that is connected to the 4,004-room Aria hotel and casino, the nongaming Mandarin Oriental and all-residential Veer Towers.
"It's not often that a project of this caliber comes along," Gerard said. "We understood the vision behind CityCenter and we understood the strategic importance of having a store within Crystals. We believe Crystals will become the ultimate destination for visitors."
Tiffany's became so convinced of the promise of CityCenter, that when the lease was signed with MGM Mirage in April 2008, the company took the second largest retail space inside Crystals. Only Louis Vuitton has a bigger store.
Then the economy tanked.
Still, Tiffany's remained bullish on Las Vegas, even as gaming revenues and visitor numbers sagged.
Chalk up the attitude to the company's history. Since 1837, Tiffany's has weathered economic downturns of all varieties, including the Great Depression of the 1930s.
"We stayed true to our core brand," Gerard said.
Jennifer Milan, a retail analyst for Sterne Agee in New York who follows Tiffany's, which is traded publicly on the New York Stock Exchange, said the company wasn't going to pass up an opportunity to be part of CityCenter.
"Historically Las Vegas has always been a good market for Tiffany's and they weren't going to let short-term weakness in the area prevent them from taking advantage of a good opportunity," Milan said "They have a good presence in the market and a prime location in CityCenter, which has started off very nicely."
In the third quarter, Tiffany's said its net sales of $598 million, a 3 percent decline from a year ago, were higher than expected. The company raised its sales and earnings outlook for the full year.
Earlier this month, Tiffany's told Wall Street that sales jumped 17 percent in November and December, again raising the company's prospects for the year.
"While we are encouraged by the broad-based strength seen during the holidays, particularly some recovery in statement pieces $50,000 (and above), we feel consumers will likely continue to spend more carefully for some time," Milan said in a note to investors.
Tiffany's officials hope the new CityCenter location will also help boost sales.
The store's interior includes a spiral steel-and-glass staircase, a curved and multilayered ceiling and private rooms for shoppers to meet with sales executives. Tiffany's employs 40 workers and at its Crystals store and now has 100 employees in Las Vegas.
Gerard said consumers, despite the tough economy, continue to want to celebrate special moments. They appreciate the long-standing tradition of the Tiffany brand.
Even if company executives had known where the economy was headed when Tiffany's agreed to become part of Crystals, Gerard said the decision would not have changed.
"Las Vegas also has a strong international tourism base that has remained solid," Gerard said.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.
By HOWARD STUTZ
LAS VEGAS REVIEW-JOURNAL
On the Strip, Tiffany & Co. has become the Starbucks of the high-end jewelry business.
While comedians often joke that the coffee chain seemingly has a store on every street corner, Tiffany's hit the trifecta on a less-than-one-mile stretch of Las Vegas Boulevard.
The 173-year-old New York City based-company celebrates the grand opening of its third Strip location today at the Crystals retail and dining district inside CityCenter.
The 10,000-square-foot, two-level store, which had a soft opening in December, fronts the Strip with an 85-foot-high glass facade and an entrance from the sidewalk.
The Crystals location continues Tiffany's marriage with the gaming industry and the Strip's luxury retail centers. The company's two other Las Vegas stores are in the Shops at Via Bellagio and the Forum Shops at Caesars.
You don't need to train for the Rock 'n' Roll Marathon to visit all three Tiffany's. They are minutes apart.
Tiffany's, known for its distinctive jewelry, diamonds and its trademarked Tiffany Blue packaging, owns multiple stores in several cities, including Los Angeles and New York, where it still operates its flagship building on New York's Fifth Avenue. The company has 79 stores in the United States.
Tiffany Group Vice President Edward Gerard said all three Las Vegas locations are unique. The newest store
