Tiffany's comes to town
Tiffany & Co. has opened a store in downtown Red Bank, a move that some observers say will further elevate the borough and attract more high-end retailers.
Posted by the Asbury Park Press on 11/18/07
BY DAVID P. WILLIS
BUSINESS WRITER
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Since famed Fifth Avenue retailer Tiffany & Co. opened its doors on Broad Street in Red Bank recently, other businesses in town have showered the store with flowers and gifts.
"They have been dropping in to see the store," said store manager Vicky Shortland. "Just very welcoming."
For Anthony Landau, husband of Kimberly Landau who owns CoCo Pari, a Red Bank store that sells designer clothing for women, Tiffany's presence in Red Bank means a stamp of approval for the borough's downtown. It will further burnish Red Bank's luster as a shopping destination.
"Tiffany's is the ultimate validation for all this hard work that was put into a town by so many people who love it so much," Landau said. "They are the quintessential luxury brand in the world. They do not pick a town unless they know it is going to further that image."
The company says it followed its customers who until now had to travel to Short Hills, Atlantic City, Hackensack or New York City.
"We have been looking at Red Bank for a number of years now," said Shortland.
Elisabeth Ames, group vice president of U.S. and Canadian retail sales for Tiffany, said Red Bank has a vibrant arts community, as well as fine restaurants and luxury shopping already. The company also was lured to Red Bank by the demographics of the area, which includes Rumson, Little Silver and Middletown.
In essence, some of the store's "core customers" live in the Red Bank area, Ames said.
"Certainly Red Bank is one of those towns where we feel our customer base exists, and there's certainly additional customers that we hope we can entice with our products," she said. "The demographics of Red Bank (do) fit our customer profile. We look at jewelry purchases, and certainly this area, from our studies, is one that would support a full-line Tiffany store."
It was just that the company was looking for an "ideal location" downtown, she said.
That spot turned out to be the store occupied by high-end apparel retailer Garmany, at the corner of Broad and Canal streets. Owner Larry Garmany renovated the former Steinbach's building and moved his store next door.
Garmany said he wanted to bring a unique retailer to Red Bank.
"I feel that Tiffany is going to put Red Bank on the map," Garmany said.
The store will attract customers who have never been to the borough. "When they see the name Tiffany, they are going to make a point of coming to Red Bank," Garmany said.
At the same time, Tiffany's complements other businesses in town, including jewelers, he said.
"I was looking for something unique and something that would not hurt my other merchants, my friends here," Garmany said. "It will bring extra people to buy jewelry that have never shopped in Red Bank before."
Alan Fisher, owner of A.H. Fisher Diamonds, welcomed Tiffany's to Red Bank.
"I also feel that Red Bank shoppers are pretty savvy and sophisticated. If they are going to come into Red Bank to go to Tiffany's, I feel they are going to see the other jewelers in town," he said. "I don't think they will make it a one-stop shop."
In fact, Fisher said he is planning major renovations to his store next year to cater more to the upscale shopper. "My clientele has been going in that direction," he said. "By doing this, I will be able to better service that client."
Besides foot traffic, Tiffany's also is expected to attract other retailers, such as regional or national chains, to the downtown.
"I see Red Bank becoming a higher-end luxury-, definitely service-oriented town," said Fisher, who opened his store in 1984. "Red Bank is located right in the hub of some very, very affluent communities, probably some of the most affluent communities in the country."
Red Bank has already got the eye of other retailers, said Shortland, the store manager at Tiffany's.
"Other high-end luxury stores will be watching what we do, and that will attract them to the area," Shortland said. "We hear of a number of other stores who are looking." She would not name the retailers.
Tiffany's did market research before they came to Red Bank, something that will be noticed by other retailers, said Nancy Adams, executive director of Red Bank RiverCenter, the downtown association. "They are going to do their homework," she said. "They are not going to just open someplace where they will not be able to succeed."
But don't expect Red Bank to only attract the high-income crowd. "There are regular middle-class folk who do come into Tiffany's and will spend money," said Patti Siciliano, owner of Funk & Standard Variety Store. "It doesn't mean that the town is specifically going to be catering to wealthy people."
There are many other shops in Red Bank, she said. "The "luxury or high-end' stores really are the minority."
Vance A. Valente Sr., owner of Quicksilver, a retailer of sterling silver and American Indian jewelry, said other major retailers, not just luxury sellers, would come into town if there was more parking.
"You will end up getting a mix of everything," Valente said. "If there is a midrange clothing store or chain store that comes in downtown, they would just clean up."
But Valente, who is also a landlord and member of RiverCenter's executive board, doesn't think that Tiffany's will drive up rents, which are already higher because of investment downtown.
Rents now are between $25 and $32 a square foot, up from about $18 five years ago, Valente said. "If they (landlords) go crazy, they will have empty stores
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