Tiffany takes over a coveted corner of Serrano. The American jewelry firm, owned by LVMH, has sealed the lease of the premises located at number 72 Serrano, at the confluence with Ortega y Gasset. Expected to open in August, Tiffany has already begun work on refurbishing the premises, which had been tested by other international luxury brands.
The opening in Serrano with Ortega y Gasset will mean the transfer of Tiffany, which currently has a store at number 10 Ortega y Gasset Street, which will close after the opening of the new one. The premises that Tiffany has rented, in an operation that has been brokered by the real estate consultancy Ascanais owned by the Muñoz family.
The premises were previously occupied by the Pedro Muñoz tailor shop.founded in 1962 specializing in men’s fashion and which announced its closure in early 2023.
Tiffany has rented the premises to the Muñoz family, owners of the Pedro Muñoz tailor shop
The move from its current location is scheduled to take place in August and then the opening of this new point of sale will take place, which has 550 square meters and has a strategic location, being located on the corner between Serrano and Ortega y Gasset, two of the streets with the highest rents in Madrid. .
Although the amount of the operation has not been confirmed, The rental price per square meter on Serrano Street for a premises measuring between 500 square meters and 1,000 square meters is in a range of between 150 euros and 200 euros. the square meter, according to the report High Street 2023, prepared by Gesvalt and Aretail. On Ortega y Gasset Street, however, the price ranges between 150 euros and 160 euros per square meter, for the same surface area.
Madrid is in the crosshairs of national and international operators, according to the same report, which highlights the lack of available premises in the city. This lack of availability is more pronounced in the Salamanca neighborhood, where the movements, especially the expansion of space in the stores occupied by luxury brands such as Chanel or Balenciaga on Ortega y Gasset Street, demonstrate that the interest of the brands luxury is in crescendo. Serrano Street has become the location of interest for jewelry and watch companies, such as Tiffany.
Tiffany belongs to the LVMH group since January 2021, when it acquired the company for $15.8 billion, making it the largest operation in luxury history to date. The firm, founded in 1837, operates more than 300 stores around the world, located in locations primesuch as Fifth Avenue, in New York, or Paseo de Gracia, in Barcelona.
