When Barneys New York closed in February 2020, it felt like the end of the luxury shopping era in New York City: discovery-based, with interior design to make the eyes wander as much as the branded counters. There has been a considerable gap in the city’s luxury retail market since.
French retail group Printemps looks to fill that void with the opening of its first US presence at One Wall Street, which opened on March 21. The opening coincides with the retailer’s 160th anniversary. “Printemps New York represents a completely fresh approach—it’s not a department store—we are redefining traditional retail concepts,” said Jean-Marc Bellaiche, CEO of Printemps. “What we have created in New York physically embodies our core values of innovation and perpetual renewal, joyful and emotional connections, mischievous play, sophistication and inclusiveness, and ambassadorial spirit, forging a lasting connection between New York and Paris, and between Printemps and New York City.”
The 54,000-square-foot space, designed by Laura Gonzalez, spans two floors of the landmark-registered building. The vision was to create a dialogue between Paris and New York, blending Art Deco and Art Nouveau nods to the Parisian flagship, including the landmark Red Room, completed in 1931 by muralist Hildreth Meière. The store is imagined as a French apartment in the heart of Wall Street, where French savoir-faire meets American hospitality—a succession of rooms, each with a unique function and design, a Printemps New York representative told BeautyMatter.
Details include a pink marbled staircase, bespoke stained-glass panels, works by artists like William Coggin and Charles Kaisin, and the red ombré and gold mosaic covering the space’s Red Room. All furniture is made from upcycled materials.
There are five food and beverage concepts throughout the space, from champagne bars to cafés, encouraging guests to lounge around. The space will also host interactive talks, pop-ups, and special events in the future. “Our objective is to inspire and bring people together—fostering a sense of belonging while enriching the consumer journey, setting a bold new standard for retail in the 21st century,” Bellaiche said.
Its Beauty Corridor features verdant-tiled displays leading into swooping cream concrete corridors with resin fixtures. The path leads to the color cosmetics department and spa space, the Salle de Bain, where visitors can receive Guerlain treatments. A notable feature of the space is that there are no branded beauty counters or staff—all sales associates are Printemps employees. Rather than having a sole brand focus, these in-store advisors are trained experts enabling cross-brand discovery for the customer. The Beauty Corridor presents a more fluid and retailer-controlled (rather than brand) model of beauty retail, opening up an equal channel of exploration and discovery.
Across the 80 stocked beauty brands (34 fragrance, 26 skincare, 12 haircare, 8 color cosmetics) there are eight brand exclusives: PERS, ANSWR, T-Leclerc, Cottan, Demain Beauty, Hellenist, Luc Kieffer, and Mimetique.
The Printemps New York team explained that the retailer’s curation process involved highlighting French brands with cult followings, emphasizing niche fragrance, “an area where French expertise and heritage truly shine, to create a sense of discovery and offer something unexpected.” Indeed, that sense of discovery is encouraged through the space layout, which harmoniously flows from one brand into the next. Visitors can pick up products without needing to request them from behind a branded shelf.
Given the Financial District location, there is heavy foot traffic during weekdays and a well-earning clientele. However, a majority of New York City’s upscale market resides in the Upper East Side, making for tough geographical competition. While the Financial District’s residential and commercial potential has grown over recent years, making the area suitable for high-end retail, Richard Kestenbaum, co-founder and Partner of Triangle Capital, noted the location is a risk. “It [high-end retail] has never been done there before, and no one can say for sure [if it will succeed].”
The Financial District is also a challenging backdrop for the luxury market, given the current political and economic climate. “I would not say that the US retail market is necessarily ripe for Printemps. But in the long term, if Printemps continues to merchandise its New York store as it did at the opening, it will continue to be an interesting place to go that could lead to traffic and sales.”
Kestenbaum said market uncertainty with layoffs and tariffs creates consumer spending paralysis, which doesn’t bode well for retail, but there is an opportunity there nonetheless. “Its appeal will be in the events, the food offerings, the collaborations, and of course, the merchandising. What it [Printemps] showed at its opening was promising; if it can keep up that level over time, it has high potential.”
Brian Ehrig, Partner in the consumer practice of strategy and management consultancy firm Kearney, remains optimistic. “A slowing global luxury market can’t touch the fact that the US is still the most attractive target for luxury retailers abroad.”
He highlighted that the US, accounting for 4.2% of the global population, produces 30% of global spending, as well as consumer spending, accounting for 70% of the US GDP. In Q4 2024, US consumer spending reached approximately $16.1 trillion. Across luxury businesses, 2% of customers drove 40% of sales. “Economic uncertainty will have less of an impact on these high-end consumers. In 2025, brick-and-mortar stores continue to play a vital role by offering the sensory engagement, exclusivity, and human touch luxury consumers expect.”
A 2025 Kearney report found that more than three-quarters of luxury shoppers plan to visit stores as often or more than before. “Printemps, coming from a legacy of French fashion that stretches back to 1865, has a long-term outlook—they see that eventually, the economic uncertainty will pass. For Printemps, it’s not just about having the products that people want; they are out to build enduring relationships with American luxury consumers.” Ehrig sees excellent clienteling and building a personalized touch through one-to-one, in-person relationships as the key to letting American customers experience the company’s French luxury heritage in-store. At its Paris flagship alone, revenue from American clients tripled in the last five years. At its New York location, the retailer is expecting 150,000 individuals to view the building each day, which represents $9.4 billion in spend.
“In luxury, while record high prices are forcing aspirational luxury shoppers to reevaluate their spending and ask for more transparency on craftsmanship and product value, they are still looking for that white glove, hyper-personalized treatment you can only get in a luxury store.”
On TikTok, at time of publishing, #printempsnyc has 141 posts, #printempsnewyork has 62 posts, while #printemps has 163.1K posts. A top-performing video on the platform by content creator @thetahliasisney received 96K likes. Printemps New York’s Instagram account currently has 44.8K followers.
The store opening has ignited a conversation in the luxury retail sector and drawn many eager eyes to its striking shopping experience. Now, only time will tell how that translates with everyday beauty shoppers.
