People of Midtown Manhattan have an additional added reason to rejoice! Gucci, which sells handbags that can cost $19,000, more than most Toyota cars has decided to move its flagship store to New York’s Trump Tower on Fifth Avenue and expand on the world’s most expensive shopping street. The Italian luxury retailer beat out rivals that included Armani and Ralph Lauren for space. Gucci will move from its current digs at 685 Fifth Ave., at East 54th Street to the new site in 2008 after making substantial renovations in Trump Tower to spaces formerly occupied by the British jeweler Asprey and the cosmetics giant Avon. Asking rents for ground floor space on that section of Fifth Avenue start at $1,500 per square foot and can top $2,000 per square foot. The store will feature a four-story facade and three selling floors, compared to five at its current digs.
“Gucci is the ideal tenant for space,” said Andrew Goldberg, executive vice president of the CB Richard Ellis retail group, which negotiated the deal on behalf of property owner Donald Trump. He added, “Gucci can make sense out of it”.