The future of the US department store is far from clear. Household names Saks Fifth Avenue and Neiman Marcus have consolidated, triggering nationwide closures and layoffs. Still, historic French retailer Printemps – best known for its imposing location on the Boulevard Haussmann – believes that there is still potential in the US market and made a bold bet this spring, opening its first New York pied-à-terre in One Wall Street, a soaring art deco skyscraper in downtown Manhattan. 

The new spot is only a fraction of the size of its Parisian flagship, yet the ambition is equally large: to turn the two-storey shop into New York’s best address for shopping, socialising and dining. Even as Donald Trump’s tariffs begin to affect the prices of luxury goods and threaten to slow down consumption, CEO Jean-Marc Bellaiche says that the company remains “deeply committed to the US market”. “We are building meaningful relationships with American clients with the goal of becoming a key player in the country’s retail landscape,” he adds.  

To achieve this, Bellaiche has enlisted the expertise of designer Laura Gonzalez to transform the shop’s two floors. She created a whimsical and decadent space complete with mirrored walls, playful glass light fixtures, hand-painted frescoes and plush changing rooms, all of which has created an atmosphere that encourages escapism and indulgence. There’s even a champagne bar and a boudoir, where vintage haute-couture pieces by Jean Paul Gaultier are on display. The F&B department is helmed by French-speaking, Haitian-American chef Gregory Gourdet, who made sure that the shop offers an array of options, from fine dining at Maison Passerelle to a casual café serving French viennoiserie. Shoppers can expect items from LVMH powerhouses Dior and Louis Vuitton, as well as from more niche brands such as trunkmaker Pinel Pinel and Saison 1865, the retailer’s in-house line. There are cult French pharmacy brands too, which are nearly impossible to snap up this side of the pond and certainly a big part of the reason why customer queues have been snaking around Wall Street since the shop’s opening. “We want people to spend a full day here,” says Bellaiche. He takes Monocle on a tour of the new space. 

Why have you chosen to expand beyond your home market? Why the US and why now?
The US market is still under-penetrated when it comes to luxury goods. Compared to its GDP and to the number of millionaires, it’s not the number-one country in terms of luxury purchases. We know that the New York market is tough and that the city doesn’t need a new department store. But we also know that Barneys and Jeffrey have left a void in the market – a lot of my friends still reminisce about them. We intend to do something different with our concept, where French curation meets American hospitality. We’re bringing together shopping, food culture and experience – a bit like Barneys did.  

Barneys might have been beloved by New Yorkers but it also closed its doors. Isn’t there a concern that if US retailers are facing these challenges, you might too?
Printemps is a smaller concept, so the risk is also smaller. Still, we must provide an outstanding experience to draw visitors. That’s why we invested so much in the architecture and the ambience, with many new fashion brands and restaurants by chef Gourdet. Sometimes it’s all about timing – and we feel that the time is right. We are convinced that retail has beautiful days ahead because we’re all social animals: we like to shop with friends, chat with salespeople and feel the quality of products in person. 

How do you plan to make sure that people will keep coming through the door? 
I’m convinced that the future of retail is in experience, which we do well in Europe. The food offering is strong and there is always something going on in our shops. Our visitors want to learn something and leave feeling richer – maybe not in their wallets but in what they have discovered. Storytelling is so important. 

What are the differences between your American and French clients?
One difference that I’ve noticed is that the French are more independent with their tastes, while trends tend to pick up faster in the US. By bringing new brands here, we hope that they will gain traction quickly and buyers will know that they can only find [these labels] at Printemps. As for pricing, there is a difference in the sense that Americans like a good deal – that’s why there are so many outlets here. In this country, it’s important to be fair with your pricing. 

Why does the US have one of the most robust markets when it comes to luxury consumption?
In the US there is more money than luxury buyers and this is coupled with a sense of optimism. The European and Chinese markets are tougher – especially in the latter, where consumer confidence has decreased. Meanwhile, Americans have maintained a positive outlook for the future, despite facing potential economic headwinds such as inflation and supply-chain issues. This attitude influences their purchasing behavior; when consumers are hopeful, they are more inclined to spend rather than save. This mindset contributes to the sustained strength of the US market, reinforcing why it remains a promising space for long-term growth.

How is the brand-retailer relationship evolving?
In Paris we have very strong partnerships with various brands as it’s clear what we bring to the table. The labels themselves are very important because they provide the products and the brand value. But the multi-brand concept of a department store brings something different. We can identify VICs (very important customers) and provide a much easier one-stop shopping experience. We should continue to work in synergy with labels because although they may not be able to identify high-value clients, we know who the big spenders are.

What is your ultimate ambition for the department store?
We want this location to be highly praised. Client satisfaction will bring more brands and the more brands that want to work with us, the more we can curate what we think is the best of the best. We also want to understand the frequency of purchase and how much time a client spends with us. Once I’ve collected data on the client, I can then customise my approach. We need to deliver a business plan and there is an objective to make it work.