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Article: New stores forge ahead on Fifth; Projects planned before meltdown.(News)
- Article from:
- Crain's New York Business
- Article date:
- March 9, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Adrianne Pasquarelli
Opening an expensive flagship in this economy should qualify an apparel company for a padded cell. Yet two retailers, Armani and Diesel, opened expansive emporiums on the midtown Fifth Avenue corridor last month. And Tommy Hilfiger will open a 22,000-square-foot store at 681 Fifth Ave. this summer. All three committed to the launches over a year ago, but even after the storm clouds burst in the fall, the companies forged ahead.
"Fifth Avenue is the most revered street in the world,'' and having a store there is worth the risk, says Steve Birkhold, chief executive of Diesel USA. "The foot traffic is in excess of 40 million ...