We think we can bring something unique, both to its engaged local consumer base and the strong tourist flows the city welcomes… We plan to pioneer a new format of experiential retail in this fast-changing and demanding market.” Printemps has tapped seasoned executive Laura Lendrum as the CEO of Printemps America, Inc.  Lendrum brings a wealth of experience to the role, having previously held positions at Saint Laurent, Gucci and Ralph Lauren as president for the North American market. “Laura’s experience in luxury, fashion, digital and hospitality is a perfect match for us,” said Bellaiche. The retail industry at large is excited to see how the French luxury retailer will play out in the North American market. However, it will take mor ethan an experienced team to ensure the success of Printemps US. What does Printemps US look like Unlike the grand 480,000-square-foot Printemps flagship on Boulevard Haussmann in Paris, the Printemps location on Wall Street will be much more compact, taking up 55,000 square feet of space.  However, by no means does the reduced floor space suggest a reduction in the department store’s opulent design or its array of luxury product offerings.  One reason the team selected the One Wall Street address, on the corner of Broadway, is the rich architectural structure of the space.  Built in 1931, the Red Room lobby at One Wall Street is a historical landmark with a lobby designed in the art deco style featuring floor-to-ceiling mosaics in various shades of red, orange and gold.  The layout of the store, designed by architect Laura Gonzalez, is made up of 10 separate areas, each with its unique design concept. This includes a womenswear section inspired by Printemps’ original design, a sneaker customization area and an area entirely focused on vintage pieces and repair services.   Approximately one-third of the space will be dedicated to food and beverage offerings curated by Gregory Gourdet, a three-time James Beard Award winner, including an all-day cafe, a Parisian-inspired raw bar and a French wine shop.  Unlike its other locations, the Printemps New York store will not have shop-in-shops. A conscious decision on the company’s part, Bellaiche explained, to emphasize the sense of cultivated curation.  Lendrum, the CEO of Printemps US, told Women’s Wear Daily that the key factor expected to drive the retailer’s success in the US is Printemps’s experientially-driven strategy.  “The world is so transactional, we wanted Printemps in New York to be decidedly less so. It’s a place where you come for a cappuccino or a manicure, not necessarily to buy something. The store will have less product and more good product [from legacy and niche luxury brands]. We don’t want this to be a markdown experience. We are buying in a more strategic way, for a higher price sell-through.” Despite this semi-unconventional approach, Lendrum stated, “We don’t expect a lower productivity.” Marie Driscoll, a chartered financial analyst and a professor at Parsons, The New School and the Fashion Institute of Technology, concurs with Printemps’ experiential retail approach. “Jean-Marc Bellaiche’s mission to put hospitality as a central feature of Printemps New York is unique in US retail and the market is hungry for this,” Driscoll noted.  “Since the advent of e-commerce and its unparalleled efficiency, consumers have opted for experiences over products; Printemps New York is the next iteration, the 2.0 of experiential multi-brand retail with a high quotient of experience via hospitality.” Will Printemps succeed in the US? In a rare moment of consensus, multiple European and American retail experts believe that Printemps has a strong chance for success with the launch of its first US location.  “Now is the perfect time for Printemps to enter the North American market, not as just another department store, but as a groundbreaking retail destination. Unlike traditional retailers, Printemps plans to forgo the conventional concession model, which often fragments the shopping experience,” Liza Amlani, the principal and co-founder of Retail Strategy Group, told Inside Retail. “Department stores haven’t had the best reputation the last few years. But Printemps is going to change this… They have made it clear that they are bringing something entirely new to the US luxury market.” “More than just a store, Printemps NYC aims to be a destination where luxury shopping meets curated experiences. If it mirrors the magic of Printemps in Paris, renowned for its elegance, exclusivity, and immersive shopping, it will undoubtedly become a must-visit in New York.” Global Data’s managing director Neil Saunders acknowledged the poor track record of European retailers looking to break into the American market; however, he believes Printemps could be different.  “Given that the US is a graveyard for European retailers looking to break into the American market, it is a risky strategy. Department stores are one of the most challenged retail formats in the US, so that adds further to the risk,” Saunders explained. “That said, Printemps has been quite conservative, and rather than opening a huge space – like Nordstrom did when it opened in New York City, it has committed to a relatively modest footprint. Success will come down to how well the company can differentiate and draw in customers, and Printemps is traditionally strong on this front.”  Similarly, Driscoll cautioned that one of Printemps’ biggest challenges will be hiring the sales staff to execute its hospitality offering.  “Retail has notoriously high employee turnover rates in the US. If they can execute on the hospitality and service component of retail, I see success,” she said. How Printemps US is complementing versus reinventing  As Saunders pointed out, Printemps is hardly the first international, or even French, department store to make its way to the American market. Previous attempts have been made by Galeries Lafayette, Takashimaya, Topshop, Tesco, Carrefour and Joe Fresh. However, Selvane Mohandas du Ménil, the managing director of the International Association of Department Stores, provided interesting insights into why Printemps may succeed in the US.  “​​Every department store in the world is trying new recipes to reinvent, or better said, complement, the [traditional] model – Bloomie’s at Bloomingdale’s, Falabella Express [in] Chile, Colombia, Peru, Magasin du Nord smaller stores [in] Denmark, and even Printemps with their Deauville store [in] Normandy, France,” Ménil said.  “It is all about creating a new, profitable format based on the department store’s competitive advantages, including access to a large range of brands and products within their offers, curation and funnel to a broader digital ecosystem.” He believes Printemps is more likely to succeed since it is focusing on complementing what it already succeeds in, versus trying to reinvent the department store wheel. “I am mentioning complement rather than reinvent because the purpose is to expand the reach of the department store’s brand name and flagship,” he added. “The CEO Jean-Marc Bellaiche is hoping to bring something new that the local market does not have, and which is encapsulated in what I suggest to dub a ‘late Barney’s – for curation – meets late Dean & Deluca – for gourmet food – meets Disneyland – for experience and entertainment,’ but with one special aspect: all of this, plus French flair. This is what Bellaiche means when he mentions ‘French curation American hospitality.’” For Ménil, this represents a return to the original concept of department stores. “I do not see why US customers might not be excited by a new way of buying, which is based on encouraging customers to spend time in a holistic environment allowing for serendipity, which does not only mean buying something but also potentially simply enjoying one of the food and beverage options. This is, in a way, closing the circle and reverting back to the very concept of the department store as it was understood at the inception of the concept,” he said.