Tiffany’s 5th Avenue Flagship: This Week in Store Pics

By David Schick and Jonathan Feeney and David Katzman and Jack Hermann Published on July 24, 2026 PDF

In this note we show findings of our regular store visits. We visited the Tiffany’s 5^th Avenue flagship in NYC which reopened in 2Q23 after a four-year renovation. The project was the first full building overhaul since it opened in 1940. While neither Tiffany nor its owner, LVMH has disclosed the cost; estimates have run from $250-500 million. LVMH, which bought Tiffany in 2021 for roughly $16 billion, also calls the renovation its largest ever in a single store. We note the modern elevated feel with some storytelling on each (different feeling) floor. We note a better blend of classics, fun, price points, and modernized service style. We do not believe Tiffany is gaining share in the category and expect 5th Avenue flagship is 6-9% of sales, likely hurt by recent trend of -3% y/y decline in foreign visitors to NYC and 2% increase in domestic.

Source: Optimal Advisory for all images

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