Iconic jeweler Tiffany & Company (New York) and high-end designers Tom Ford (London) and Giorgio Armani (Milan) will occupy street-level retail space at the World Trade Center in New York when the massive project is completed next year. In all, there will be 352,000 square feet of above-ground retail spread across three floors at WTC. Tiffany, Tom Ford and Giorgio Armani will occupy three of the retail spaces purchased by Westfield Group (Sydney). Westfield purchased roughly half of WTC’s retail real estate from the project’s developer, the Port Authority of New York and New Jersey, for $1.4 billion.
According to New York real estate blog, The Real Deal, Tom Ford will occupy a corner space at the base of 4 World Trade Center, while Armani and Tiffany will take space in 3 World Trade Center. Each store would have entrances on Church Street. Although a World Trade Center address would provide unparalleled visibility, Westfield is competing with neighboring Brookfield Place for tenants. Brookfield’s $250 million redevelopment project includes 200,000 square feet of retail space and has reportedly signed on as tenants Salvatore Ferragamo, Hermes, Burberry, J. Crew, Paul Smith and Posman Books.
According to Women’s Wear Daily, the center is expected to generate up to $1 billion in annual retail sales and $2,000 to $3,000 per square foot.