Based on figures provided by the company, the New York flagship represents more than 20% of total Americas sales (a conservative estimate), which inched up 4% over the period to $503 million.
Already, will reportedly take an axe to bonuses and pay, with some fixed-income traders at Goldman receiving no bonus.
A report this morning from Bloomberg’s Jeffrey McCracken and Christine Harper note that other firms, including and , are considering cuts to junior banker pay. Those changes to pay would hurt Tiffany’s entry-level product offerings, including sales of men’s cuff links and women’s key necklaces, where retail prices start near $195.
The Fifth Avenue location is one of two in the city, the other near the New York Stock Exchange at 37 Wall Street. However, Tiffany’s retail front in midtown is much larger and holds the company’s full collections.
Shares in Tiffany are off more than 9% in pre-market trading.