The store will occupy the 430 square metre space on the ground floor of Australis House on Customs St, which is a heritage building.
Heritage architects will carefully restore the interior to prepare it for the retailer’s arrival in late 2016.
Cooper and Company sales and leasing manager Jeremy Priddy says the site is one of the largest and most historically rich in Britomart’s precinct, so they wanted to ensure they got the right retailer as a tenant.
“Tiffany & Co. is a very worthy occupier,” Priddy says.
Vice president and managing director of Tiffany & Co. Glen Schlehuber says the company is excited to finally introduce their company to New Zealand.
“We have many loyal Tiffany customers in New Zealand and have been looking to establish a presence for some time, and the location at Britomart is perfect,” Schlehuber says.
Tiffany & Co. says the Asia Pacific has the most potential for store expansion.
The only other New Zealand store where Tiffany & Co. is stocked in is DFS Galleria in Auckland. Australia has seven stores.
The store’s interior will be as luxurious as its stores elsewhere in the world.
It will feature the colour Tiffany Blue, marble and amazonite floors, as well as the same stainless steel detail with a wheat leaf pattern that are on the entrance’s of its iconic Fifth Avenue flagship store in New York.
Auckland’s CBD has seen the arrival of many big name international retailers as of recent, whilst rent demand is at a high and supply is scarce.
Prada, Christian Dior and Swarovski opened in 2014, while UK fast fashion retailer Topshop opened its first store on Queen St earlier this year.
There are also rumours swirling that other companies like Apple and Zara have been eyeing up a spot in Auckland.
Luxury fashion giant Chanel is also confirmed as coming to Britomart, but hasn’t officially announced its arrival yet.
JLL national director of retail sales and leasing Chris Beasleigh says companies such as Tiffany & Co. have been looking to enter the New Zealand market for a while, but the time is right now.
“The New Zealand economy’s going well and we’ve got strong growth from China in regards to tourism, as they’re one of the biggest spenders at luxury goods stores,” Beasleigh says.
“I think it’s a combination of a good economy, good growth of immigration and also Chinese tourism.”
Luxury brands also tend to start coming quick and fast once a couple start the trend, he says.
“If you look at Melbourne and how many luxury goods stores are on Collins St, it’s amazing, they keep coming,” Beasleigh says.
“I think they’re going to keep coming [to New Zealand] – this is just the start.”