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Tiffany revamps New York store

According to its quarterly report, US luxury goods business Tiffany & Co. expects to spend about US$ 71 million during the next three years to renovate its flagship store in New York.
The company sai…

According to its quarterly report, US luxury goods business Tiffany & Co. expects to spend about US$ 71 million during the next three years to renovate its flagship store in New York. The company said the renovation will increase the total sales area at the store by about 25% and provide additional space for customer service and special exhibitions. Under its capital spending plan for the current year, Tiffany now expects to spend about US$ 110 million, compared with its previous forecast of US$ 135 million. According to the report, the company made the revision because of timing differences in spending that will be incurred in 2001. During the first nine months of fiscal 2000, the company spent US$ 70.9 million on new openings, renovation and expansion work.

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