There is going to be a whole new dynamic in that area. I wouldn't be surprised if it changes the way that people think about the financial district…All of a sudden, you have a three-pronged client base there. There are people who work there every weekday, then the obvious tourist traffic in the financial district in general, and now there are a growing number of residents. We wanted to be at the forefront.
Hermès sought to expand its presence in Manhattan beyond its flagship store in Midtown on Madison Avenue. Lower commercial rents in Lower Manhattan created a compelling opportunity for a second location. Also, post-9/11 redevelopment plans in the area spurred an infusion of high-end, upscale customers moving into residential units converted from unused office space. Hermes wanted to capitalize on the changing mix of shoppers downtown.
Hermès opened a 5,400-square-foot space in a development at 15 Broad Street that overlooks a pedestrian plaza facing the New York Stock Exchange.