Search Results for: Tiffany & Co.

RED BANK: CLOTHES, CANDLES &… CANNABIS?

Veronica Mogilevich in her new boutique, Another Sunday, on Monmouth Street. (Photos by John T. Ward. Click to enlarge.)

By JOHN T. WARD

retail churn smallA clothing boutique debuts; a gift shop and a restaurant plan openings; a would-be cannabis retailer stakes a claim; and a major retail building changes hands.

Read all about the latest business activity in downtown Red Bank in this edition of redbankgreen‘s Retail Churn.

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RED BANK: CRIME & ARREST REPORTS

The crime and arrest reports below were provided by the Red Bank Police Department for May, 2021. This information is unedited; see below for additional information.

CRIMES

Theft: In the area of Riverview Plaza on 05/12/2021 a theft of a wallet was
reported. The victim stated a wallet valued at $80.00 was missing containing $20.00 US currency, a NJ driver’s license, a debit card, and multiple credit cards. Ptl Michael Zadlock.

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TIFFANY: RUMORS ASIDE, WE’RE STAYING

Tiffanyredbank Murmurs about the Broad Street store's demise are greatly exaggerated, says the manager.

Tiffany & Co.'s 14-month old store in downtown Red Bank isn't going anywhere.

So says Vicky Shortland, manager of the the carriage-trade jewelry and tableware retailer, in via a press release issued by Red Bank RiverCenter this morning. The release was headlined, "Tiffany & Co. Happy in Their Red Bank Home."

While acknowledging that Tiffany, "like everyone else, has been affected by the economic downturn this past holiday season," Shortland declares the company "extremely happy to be a part of the Red Bank business district."

Moreover, having survived the Civil War, the Great Depression and two World Wars, Tiffany is "fully prepared to weather this current economic storm and look[s] forward to being part of the Red Bank community for many years to come," Shortland says.

The release, which was accompanied by a photo of Shortland and Mayor Pasquale Menna beaming next to a

jewelry display case, is a rather unusual form of business PR, which mostly avoids commenting on rumors to avoid giving them added life.

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OVERSEAS SALES DRIVE TIFFANY GAINS

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Much as it was for other retailers, the late-2007 holiday shopping season was tough one for Tiffany & Co., which opened a store in Red Bank just as the season was kicking off.

But even as its fourth-quarter profit shrank, the New York-based jewelry and tchotchke merchant’s performance exceeded the expectations of market analysts, the Associated Press reports today.

Tiffany disclosed that its November-through-January sales rose 10 percent, thanks to a 21-percent increase overseas. Domestic sales rose 4 percent, the company reported.

From the AP:

The jewelry retailer said Monday it earned $118.3 million, or 89 cents per share, down from $140.5 million, or $1.02 per share last year. Excluding one-time charges, profit was $1.27 per share, above the $1.21 analysts surveyed by Thomson Financial expected.

One-time items include a charge of 22 cents per share for loans to Tahera Diamond Corp., which sought protection from creditors in January.

Tiffany’s revenue rose 10 percent to $1.05 billion from $958.9 million last year, matching analysts’ predictions.

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TIFFANY FEELS DOMESTIC ECONOMY PINCH

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Tiffany & Co., which opened much-anticipated new store on Broad Street in November, saw sales in its American stores that had been open a year or more dip 2 percent in the November-December period, the jeweler announced late last week.

The New York Times called it “a sign that a pullback in consumer spending that started at the low end of American retailing is percolating up to high-end merchants.”

From the Times account:

The slowdown was unexpected, and it sent jitters through the world of luxury-goods makers, who had seemed invulnerable over the last five years, even as energy prices surged and the housing market began to sputter.

The Tiffany results were among the clearest evidence yet that wealthy consumers — and middle-class shoppers who sometimes splurge on luxury items — are starting to tighten their purse strings.

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MERCHANTS: TIFFANY WILL HELP, NOT HURT

Img_8228A customer tries on a bracelet at an opening-night reception at Tiffany & Co.’s Broad Street store earlier this month.

The Asbury Park Press today pops in on store owners in downtown Red Bank to gauge their feelings about the recent arrival of Tiffany & Co., and finds the welcome mat is out.

In fact, writes business reporter David Willis, “other businesses in town have showered the store with flowers and gifts.”

“They have been dropping in to see the store,” said store manager Vicky Shortland. “Just very welcoming.”

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TIFFANY SET TO TWINKLE ON BROAD STREET

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Love it or loathe it, Tiffany & Co. arrives in Red Bank tomorrow with the opening of a 6,000-square-foot emporium of luxury that caps the downtown’s 17-year sprint from economic backwater to one of the most admired in all of New Jersey.

Select guests will be treated to tours of the new store today. The big brushed-metal doors open to the public tomorrow.

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PRESS: TIFFANY ‘NICE,’ BUT…

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Its ad-sales staff is probably still wetting itself with glee, but the editorial board of the Asbury Park Press today offers faint praise for the news last month that Tiffany & Company plans to open a store in downtown Red Bank.

In an editorial today about a tentative plan by Red Bank RiverCenter to install Smart Card dispensers (which the editorial writers favor) appears this somewhat incongruous paragraph:

The new Tiffany & Co. store may be a nice draw for Red Bank, but officials should make sure too many upscale shops don’t drive out old favorites. Prown’s, the variety store that had everything, is as missed today as much as it was when it closed four years ago.

Never mind that the paragraph is a non sequitur (it’s not made clear what Tiffany has to do with Smart Card machines). There’s a radical notion woven into the warm-and-fuzzies expressed n those two sentences.

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TIFFANY COMING TO TOWN

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After months of rumors, it’s official:

Tiffany and Company, the 170-year-old icon of what was once known as the carriage trade, is ready to sprinkle some of its glitter on Broad Street.

The retailer announced today that it has leased a portion of the vacant Garmany building, next door to Garmany’s present business location. Tiffany said it will open a 6,000-square-foot emporium in November.

Red Bank, the company says in a press release, is “a jewel among Jersey shore communities.”

“With its vibrant arts community, fine restaurants and luxury shopping, Red Bank is an increasingly popular destination and a natural setting for a TIFFANY & CO. store,” said Beth O. Canavan, executive vice president of Tiffany & Co. “We’ve secured an ideal location, and we think the many residents and visitors who enjoy shopping on this charming street in the center of town will appreciate Tiffany’s exceptional quality, craftsmanship and superior service.”

The addition of Tiffany to the downtown retail mix, however, is also likely to bolster the argument that district has moved too sharply upscale in terms of prices and merchandise.

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RED BANK: BROAD STREET BIDS GOODBYE

rb garmany 072915The casket bearing the remains of longtime borough merchant Laureano “Larry” Garmany, who died Saturday at age 62, arrives for funeral services at Saint James Roman Catholic Church in Red Bank Wednesday morning. Garmany’s namesake clothing store on Broad Street is visible in the background. (Photo by John T. Ward. Click to enlarge)

RED BANK: CLOTHIER LARRY GARMANY, 62

larry garmany 110107 3Larry Garmany outside his Broad Street store in November, 2007. (Photo by John T. Ward. Click to enlarge)

By JOHN T. WARD

Laureano “Larry” Garmany, a high-end clothier whose sizable investments in downtown Red Bank helped fuel its recovery from economic torpor back to prosperity in the 1990s, died Saturday.

No cause of death was given in an obituary published late Monday, but friends said the 62-year-old Colts Neck resident suffered a stroke early on the day he died.

Garmany, a Cuban immigrant-turned-retailer, bet heavily on Red Bank when it was widely derided as “Dead Bank,” and continually upped his stake in the town. His crowning achievements: transforming the vacant former Steinbach’s department store on Broad Street into a 40,000-square-foot clothing store bearing his name, and luring Tiffany & Co. to be its next-door neighbor.

Closing existing stores in New York City and Summit, “he took all his marbles so to speak and put them into one basket at a time when things weren’t looking so good for Red Bank,” former Mayor Ed McKenna said Monday. “His faith in our ability to resurrect the town was, for me personally, a real show of confidence, and made me feel better about the vision we had for bringing Red Bank back.”

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GARMANY’S GAMBIT PAYS OFF IN DIAMONDS

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If any one person outside of Tiffany & Co. is responsible for the jeweler’s decision to open a gleaming outpost in downtown Red Bank today, it’s Larry Garmany, who has a habit of making high-risk business moves that tend to baffle even his closest advisers.

Back in 1989, for example, after 15 years on Manhattan’s Upper Side, he decided to open a store in Red Bank. He bought 17 Broad Street, the former Clayton and Magee Colorest store, and then drove down with his architect and accountant to show them the new home for his own high-end men’s clothing shop.

“We get out of the car, and my architect looks left, and he looks right,” Garmany recalled last week. “And he says, ‘Larry, this is ghost town. What the hell have you done here?’ Only he didn’t use the word ‘hell.'”

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TWO DAYS IN CELEBRATION OF A CENTURY

Parade_2The kind of parade George Bowden dreams of: scads of bunting throughout town, with perhaps a giant balloon strapped to the roof of a motorcar, as seen in this undated photo from Helen C. Phillips’ “Red Bank on the Navesink.”

After a late start, plans for the two-day Red Bank centennial festival next weekend are largely in place, organizers say.

The celebration of Red Bank’s 1908 designation as a borough kicks off with a parade through the heart of town on Saturday, May 17, followed by a free picnic for residents at Count Basie Field.

A day of maritime celebration follows on Sunday, with an armada of boats on the Navesink River, a flyover of ultralight airplanes and activities and displays in Marine Park.

And there will plenty of bunting, says one of the Bunting Boys, George Bowden. He tells redbankgreen that more than 60 buildings on and near the parade route have purchased banners for display.

“All of a sudden, things are coming into pretty fast focus,” says Bowden.

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FROM THE DWEKAGE: 7 BROAD SOLD

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A Broad Street building with one of downtown Red Bank’s most distinctive facades has been sold and is about to undergo a makeover, redbankgreen has learned.

The property, at number 7 Broad, near the intersection with Front Street, sold last month for $2.2 million to a Westport, Conn. partnership of David Ross and Richard Becker.

“We intend to fix up the building,” Ross tells redbankgreen. “It needs some aesthetic improvements and construction improvements.”

Marked for removal are the steel-frame archway and exterior stairwell that dominate an open-air recess, Ross says.

The sale is yet another sign of outsider money jostling for stakes in the volatile downtown market, which is about to hit a new level with this week’s opening of the Tiffany & Co. store on middle Broad. In September, 26 Broad, which is home to Murphy Style Grill, changed hands, with a Woodbridge outfit paying $3 million. And the owners of the former Prown’s Hardware space at 32-34 Broad, now home to a Chase bank branch, last month turned down an offer of $10.5 million — almost six times the sum they paid for the building in 2003 — and took it off the market, according to principal Mike Rovere. are said to have tried and failed to unload the property for $10 million.

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CONDO BUILDER BUYS 26 BROAD FOR $3M

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The owner of the Metropolitan condo complex now under construction on Wallace Street has acquired the Broad Street home of Murphy Style Grill, redbankgreen has learned.

Onyx Equities, a real estate investment firm based in Woodbridge, completed the $3 million purchase of 26 Broad Street last month, according to Monmouth County property records. The deal was financed by a $2.25 million loan from Commerce Bank.

Michael Nevins, vice president of asset management at Onyx, said Onyx did not acquire the restaurant itself, which he said has a long-term lease for the space. Mario Medici, owner of Murphy Style Grill, declined comment on the sale.

The transaction comes at a frothy time for the central business district.

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RED BANK: KNITTING ‘STUDIO’ SET TO OPEN

Vidar and Laurie Brekke in the new Mother Knitter shop on Broad Street. (Photo by John T. Ward. Click to enlarge)

By JOHN T. WARD

retail churn smallIn this, the first Retail Churn update of autumn, 2021, we turn our attention to sweaters, hats and mittens.

That’s because downtown Red Bank is about to get a new yarn shop, one that its owners envision as a “studio” for knitting and crocheting enthusiasts.

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RED BANK: SALONS REOPEN

With the restoration of some personal-care services after three months, hair growers and stylists in Red Bank were eager to get back together Monday.

Gus Carter, owner of Gus’ Barber Shop on Shrewsbury Avenue, took it down to the scalp for customer Jimmy (last name withheld), above, and Tiffany Colelli at Hair & Co. on Monmouth Street, freshened up the color of Tricia Nelson’s locks.

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RED BANK: RETAIL RETURNING TO EMPTY SPACE

The former shoe store space at 18 Broad Street is expected to house a new women’s clothing store in September. (Photo by John T. Ward. Click to enlarge.)

By JOHN T. WARD

retail churn smallTo the relief of downtown restaurateurs, a large vacant space is the heart of downtown will resume life as a retail business instead of joining the competition for diners, redbankgreen‘s Retail Churn has learned.

 

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RED BANK: THREE WEEKEND DEBUTS PLANNED

The paper comes off the windows Saturday at Cos Bar, a cosmetics store opening next door to Tiffany & Co. (Photo by John T. Ward. Click to enlarge)

By JOHN T. WARD

retail churn smallTwo new Red Bank businesses kick off their residencies, and the summer of 2017, with openings planned for the Memorial Day weekend, redbankgreen‘s Retail Churn has learned.

In addition, a longtime veteran of the town’s restaurant and bar scene is unveiling a new outdoor expansion.

 

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RED BANK: FOOTWEAR, FRUIT BOWLS, FACIALS

The Doc Shoppe, which moved to Red Bank from Fair Haven in 2014, plans to close at the end of March. (Photo by John T. Ward. Click to enlarge)

By JOHN T. WARD

retail churn smallRed Bank’s last-remaining shoe store is closing.

This edition of redbankgreen‘s Retail Churn includes news on the departure of the Doc Shoppe; the opening of an exotic-fruit bar and café; and plans by a high-end beauty products retailer to open downtown. Read More »

LITTLE SILVER: ARREST NETS $1M IN LOOT

By JOHN T. WARD

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A Little Silver burglary earlier this month led to the arrest last week of a Neptune Township man on charges he stole more than $1 million worth of goods from Monmouth County homes over the last three years, Little Silver Chief Dan Shaffery said Wednesday.

“Diligent work” by borough Detective Greg Oliva resulted in a “jackpot” discovery of stolen goods that included a $5,000 bottle of Scotch and a 24-karat gold Zippo lighter autographed by late comedian Bob Hope, Shaffery told redbankgreen.

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RED BANK: GARMANY STAFF TAKES IT ALL OFF

Garmany shave-offIt’s an initiative that began at the top of the previous month, when the entire male staff of the Broad Street landmark Garmany of Red Bank made a solemn pledge to spurn the razor — and this Saturday, December 5, “No Shave November” officially comes to a close, when the high-end clothier hosts a Shave-Off Saturday Holiday Event in honor of its late founder, Laureano “Larry” Garmany.

The 2015 holiday season marks the first since the July passing of the Cuban immigrant whose name adorns the 40,000 square foot former Steinbach department store — and who famously brought high-end retail (and lured no less a name than Tiffany & Co.) to a small town not so long ago derided as “Dead Bank.” Between the hours of noon and 6 pm, the men of Garmany take it all off (with the help of a “gentleman’s pop-up shaving salon” established for the occasion by The Art of Shaving), in a promotion supporting the work of Memorial Sloan Kettering Cancer Center.

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