In its early days in France, where it opened its first store in 1865, Printemps was “revolutionary,” said Thierry Prevost, CEO of Printemps America, during a fireside chat at a Glossy+ member event at Printemps New York on Thursday. For example, it was one of the first retailers on the Left Bank to open on the Right Bank, plus it was among the first department stores to have an escalator and electricity.Now, amid its U.S. expansion, Printemps continues to go against the grain. For example, Prevost prefers to refer to its local retail concept as an “apartment store,” rather than a department store, thanks to its more free-flowing setup, which allows various styles, brands and price points to live in single displays.
Two months after celebrating Printemps New York’s one-year anniversary, Prevost spoke with Glossy about the challenges the business is facing, the way he’s thinking about growth accordingly and the luxury brands that are still primed for success.
Do you have plans to expand your store footprint in the U.S. to match that in France, where you have about 20 stores?
“When you open a store like this, you attract the attention of the landlords — so, we have a lot of offers. But for us, we feel [opening another store now] would be too early. We’re still weak; we really need to build a strong foundation with this store before we expand to L.A., to Miami, to Texas. We are not under pressure. We have time, and we want to do it right. First, let’s do this one right. We had a good first year, and now we need to transform that into long-term success, and we’re facing a lot of challenges.”
